Please see the attached assignment... Just want to make sure I am getting everything right. Thanks!

Which of the following is the primary purpose of accounting? Question 1 options: A) To identify, record, and communicate business transactions. B) To earn a large profit. C) To establish a business. D) To reduce taxes owed for the business. Question 2 IT Tech Inc. performs services for a customer and bills the customer for $500. How would the company record this transaction? Question 2 options: A) Accounts Receivable increase $500; Revenues increase $500. B) Cash increases $500; Revenues increase $500. C) Accounts receivable increase $500; Revenues decrease $500 D) Accounts receivable increase $500; Accounts payable increase 4500 Question 3 At the end of an accounting period, what is the first financial statement prepared? Question 3 options: Balance Sheet Income Statement Statement of Cash Flows Statement of Owner's Equity Question 4 Revenue is properly recognized: Question 4 options: Upon completion of the sale or when services have been performed and the business obtains the right A) to collect the sale price. B) Only if the transaction creates an account receivable. C) At the end of the accounting period. D) When cash from a sale is received. Question 5 A collection of all accounts (with account balances) used by a business is called a: Question 5 options: A) Journal B) Book of original entry C) General Journal D) General Ledger Question 6 Which of the following would not be included on a balance sheet? Question 6 options: A) Accounts receivable. B) Accounts payable. C) Sales. D) Cash Question 7 The basic sequence in the accounting process can best be described as: Question 7 options: A) Transaction, journal entry, source document, ledger account, trial balance. B) Source document, transaction, ledger account, journal entry, trial balance. C) Transaction, source document, journal entry, trial balance, ledger account. D) Transaction, source document, journal entry, ledger account, trial balance. Save Question 8 The main purpose of adjusting entries is to: Question 8 options: A) Record external transactions and events occurring during the period. B) Record internal transactions and events occurring during the accounting period but not yet recorded. C) Recognize assets purchased during the period. D) Correct errors. Save Question 9 Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is: Question 9 options: A) Debit Office Supplies $105 and credit Office Supplies Expense $105. B) Debit Office Supplies Expense $105 and credit Office Supplies $105. C) Debit Office Supplies $105 and credit Supplies Expense $254. D) Debit Office Supplies Expense $254 and credit Office Supplies $254. Question 10 Which of the following accounts would not be closed at the end of an accounting period? Question 10 options: Income Summary Dividends Revenue Capital Stock Save Question 11 After closing all revenue and expense accounts, Norris Company had a debit balance in its Income Summary account of $10,000. The proper entry to record the closing of the Income Summary account would be: Question 11 options: A) DR Income Summary 10,000 CR Retained Earnings 10,000 B) DR Retained Earnings 10,000 CR Income Summary 10,000 C) DR Cash 10,000 CR Retained Earnings D) DR Income Summary 10,000 CR Common Stock 10,000 10,000 Question 12 The Income Summary account is used: Question 12 options: A) To adjust and update asset and liability accounts. B) To close the revenue and expense accounts. C) To determine the appropriate dividend amount. D) In some situations to replace the income statement. Question 13 Cost of goods sold: Question 13 options: A) Is a term only used by service firms. B) Is another term for merchandise sales. C) Is another term for revenue. D) Is the cost of merchandise sold to customers. Save Question 14 (0.75 points) A company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold equals: Question 14 options: A) $743,000 B) $550,000 C) $357,000 D) $193,000 Question 15 On October 1, Robertson Company sold merchandise in the amount of $5,800 to Alberts, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses the perpetual inventory system. The journal entry or entries that Robertson will make on October 1 is: Question 15 options: Sales 5,800 A) Accounts Receivable Sales 5,800 5,800 Accounts Receivable 5,800 B) Cost of Goods Sold 4,000 Merchandise Inventory Accounts Receivable 4,000 5,800 Sales 5,800 C) Cost of Goods Sold Merchandise Inventory 4,000 4,000 Accounts receivable 4,000 D) Sales 4,000 Question 16 Expenses that support the overall operations of a business and include the expenses relating to accounting, human resource management, and financial management are called: Question 16 options: A) Cost of goods sold. B) Purchasing expenses. C) Selling expenses. D) General and administrative expenses. Question 17 A company wrote a check on September 30 that did not appear on the bank statement dated September 30. In preparing the September 30 bank reconciliation, the company should: Question 17 options: A) Deduct the check from the bank statement balance. B) Send the bank a credit memorandum. C) Add the check to the book balance of cash. D) Add the check to the bank statement balance. Question 18 An analysis that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement is a (n): Question 18 options: A) Internal audit. B) Bank reconciliation C) Trial reconciliation. D) Analysis of debits and credits. Question 19 The entry necessary to establish a petty cash fund should include: Question 19 options: A) A debit to Cash and a credit to Petty Cash. B) A debit to Cash and a credit to Cash Over and Short. C) A debit to Petty Cash and a credit to Cash. D) A debit to Petty Cash and a credit to Accounts Receivable. Question 20 Assume that the custodian of a $450 petty cash fund has $62.50 in coins and currency plus $382.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Question 20 options: A) A debit to Cash for $377.50. B) A credit to Cash Over and Short for $5.00. C) A debit to Petty Cash for $382.50. D) A credit to Cash for $387.50