Problem I You are given several words, phrases, or numbers to choose from in completing each of the following statements or in answering the following questions. In each case select the one that best completes the statement or answers the question and place its letter in the answer space provided. Hans Hammer's company had a capital balance of $12.300 on June 30 and $23,800 on July 31, Net income for the month of July was $14,000, How much did Hammer withdraw from the business during July? $22,100 b. $25,500 $2,500 -$11,500 e. $0 23,900-12300-14000 Which of the following transactions does not affect the equity in a proprietorship? a. Investments by the owner. b. Withdrawals of cash by the owner. c. Cash receipts for revenues. d. Cash receipts for unearned revenues. c. Cash payments for expenses. A ledger is: a. A book of original entry in which the effects of transactions are first recorded. c. The collection of all accounts used by a business. A book of original entry in which any type of transaction can be recorded. d. A book of special journals. e. An account with debit and credit columns and a third colume for showing the balance of the account. The following transactions occurred during the month of October Paid $1,500 cash for store equipment. Paid $1,000 in partial payment for supplies purchased 30 days previously. Paid October's utility bill of $600. Paid $1,200 to owner of business for his personal use. Paid $1,400 salary of office employee for October What was the total amount of expenses during October? $3,000 b. $4,500 c. $2,000 d. $3,500 c. $5,700 The journal entry to record the.completion of legal work for a client on credit and billing the client $1,700 for the services rendered would be: a. Accounts Receivable 1,700 Unearned Legal Fees 1,700 b. Legal Fees Barned 1,700 Accounts Receivable. 1,700 c. Accounts Payable 1,700 Legal Fees Earned 1,700 d. Legal Fees Earned. 1,700 Sales. 1,700 e. Accounts Receivable 1,700 Legal Fees Eamed. 1,700