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4. The owner of a company drawn a cheque on his personal bank account to buy an air conditioner for the office to use. The double entry should be: A. Debit Drawings: Credit Capital B. Debit Bank; Credit Capital C. Debit Air Conditioner, Credit Bank D. Debit Air Conditioner Credit Capital 5. A truck costing $20,000 was purchased on January 1, 2004. It was depreciated using the straight-line method with an estimated useful life of 4 years and salvage value of $2,000. If the truck is sold at the end of 2005 for $6,000, how much gain or loss will be recognized? A. $ 1,000 gain B. $ 5,000 loss C. $ 12,000 loss D. $ 9,500 loss 2 6. Cash The Statement of Financial Position of a company will include which of the following items: Accounts Receivable Rent Expense Insurance Capital Stock Sales Revenue Accounts Payable Equipment Supplies Depreciation Notes Payable Notes Receivable This list includes: A. Four assets and three liabilities. B. Five assets and three liabilities. C. Five assets and two liabilities. D. Six assets and two liabilities