Please select the most appropriate answer from each question below Onli required from each question n Al - Which of the following is an Asset? a) Unearned Revenues b) Prepaid Expenses c) Accumulated Depreciation d) Allowance for Uncollectible Accounts A2 - Which of the following equations is accurate? a) Assets + Shareholders' Equity = Liabilities b) Assets - Liabilities - Shareholders' Equity c) Assets = Liabilities - Shareholders' Equity d) Assets + Liabilities = Shareholders' Equity A3 - If assets increase $86,000 and liabilities increase $25,000 during a given period, how much must shareholders' equity change by? a) Increase $61,000 b) Decrease $61,000 c) Increase $111,000 d) Decrease $111,000 4 - A company issues share capital in exchange for receiving $10,000 worth of legal rvices. What is the journal entry related to this traneaction? b) Decrease $61.000 c) Increase $111.000 d) Decrease $111.000 A4 - A company issues share capital in exchange for receiving $10,000 worth of legal services. What is the journal entry related to this transaction? a) DR Share Capital and CR Cash b) DR Expense and CR Share Capital c) DR Account Receivable and CR Cash d) DR Cash and CR Share Capital A5 - One of the primary purposes of the Trial Balance is to show that: a) Asset = Liabilities + Owners' Equity b) Revenues - Expenses = Net Income c) Debits = Credits d) Contributed Capital + Retained Capital = Owners' Equity A6 - Which expense will typically NOT be recognized by a service company? a) Interest b) Dividends c) Salary expense d) Cost of goods sold A7 - Which of the following accounts is a liability? a) Share capital b) Unearned revenue c) Note receivable d) Prepaid insurance A8 - Paying for services that were previously received results in which of the following entry a) Debit Expense and Credit Account Payable b) Debit Expense and Credit Cash c) Debit Account Payable and Credit Expense d) Debit Account Payable and Credit Cash A9 - Phoenix Company issues a 4-month note on 1 December for $100.000 with a stated interest rate of 6%. What is the amount of interest revenue recorded by Phoenix Company on 31 December, the end of the fiscal year? a) $0 b) $500 c) $1,500 d) $6,000 A10 - Under the allowance method, writing off accounts receivable results in what income statement impact(s)? a) Increase bad debt expense b) Reduce revenues c) Both a) and b) d) Neither a) nor b)