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Question 21 Kopf A business purchases Land for $100,000. The company pays for the land by a cash payment of $20,000 and promised to pay the remaining amount at a later period. What is net effect of this transaction on the business's accounting equation? Select one Assets increase by $100,000; liabilities decrease by $20,000. b. Assets increase by $100,000; liabilities decrease by $80,000. C. Assets increase by $80,000; equity increases by $80,000 d Assets increase by $80,000, liabilities increase by $80,000. -XCOB Question 22 A truck costs $300,000 and is expected to run 100,000 miles during its 5-year life. Residual value is expected to be zero. If the truck runs 24,000 miles the first year, how much depreciation should the company record under the units-of-production method? Select one $25.000 $24.000 C$72.000 $47.000 XCOB Question 23 During the current year, Moretown Company issued 30,000 shares of $1 par common stock for $18.00 per share. How does this affect Moretown's total stockholders' equity? Select one 2. increases by $30,000 D. increases by $60,000 Cincreases by $510.000 d increases by $540,000 XCOB Question 24 od Aacordo pra Mehta Enterprises is in the year-end closing process. Which of the following accounts would Mehta NOT Close? Select one a. Income Summary b. Salaries Expense c. Retained Earnings d Sales Revenue Question 25 Murer and its cut of 2.50 per question Which of the following statements is true of an adjusted trial balance? Select one a. It is optional in the accounting cycle. b. At presents accounts and their balances in debit and credit format. c. It is prepared before the adjusting entries. d. It is prepared after the financial statements