QUESTION 1 4 poin Identify the accounts that would normally have balances in the debit column of a business's trial balance A. Liabilities and Revenurs B. Revenue and expenses C. Expenses and Common stock D. Assets and common stock E. Assets and Expenses 4 points QUESTION 2 Marco Nelson opened a frame shop and completed these transactions: 1. Marco started the shop by investing $41,600 cash and equipment valued at $19,600 in exchange for common stock. 2. Purchased $230 of office supplies on credit. 3. Paid $3,800 cash for the receptionist's salary. 4. Sold a custom frame service and collected $6,100 cash on the sale. 5. Completed framing services and billed the client $360 What wae the halance of the cach account after thace traneactions were notat? Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save (c 15 stv MacBook Air Identify the account below that always increases the equity of a business A Utilities Expense B. Service Revenue Unearned Revenue D. Accumulated Depreciation E Accounts Payable QUESTION 4 4P On May 31, the Cash account of Tesla had a normal balance of $6,600. During May, the account was debited for a total of $13,800 and credited for a total of $13,100. What was the balance in the Cash account at the beginning of May? A A $5.900 debit balance B. A 57,300 credit balance CA $7,300 debit balance D.A 50 balance E. A $5,900 credit balance Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers 15 dtv MacBook Air 80 ao 57 F5 FB FB A & * # 3 $ 4 % 5 > 0 6 7 8 9 V E R Y C On January 1 of the current year, Jimmy's Sandwich Company reported total equity of $129,500. During the current year, total revenues were $109,000 while total expenses were $98,500. Also, during the current year the company paid $33,000 in dividends. No other changes in equity occurred during the year. The change in total equity during the year was A. An increase of $22,500 B. None of the answers C. A decrease of $22,500 D. An increase of $43,500 E. A decrease of $43,500 QUESTION 6 4 points PCF Company provides maintenance services to clients. On May 1, a customer paid PCF $65,000 for 6- months services in advance. PCF's general journal entry to record this transaction will include a A. Debit to accounts receivable for $65,000 B. Credit to Cash for $65,000 C. Debit to unearned revenue of $65,000 D. Credit to Accounts Receivable for $65,000 E. Credit to unearned revenue for $65,000 QUESTION 7 4 Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred: A. Jackson invested $26,000 cash in the business in exchange for common stock. B. Jackson contributed $10,000 of equipment to the business. 3. The company paid $3,100 cash to rent office space for the month of March. 4. The company received $17,000 cash for repair services provided during March. 5. The company paid $7,300 for salaries for the month of March. 6. The company provided $3,100 of services to customers on account 7. The company paid cash of $600 for utilities for the month of March. 8. The company received $3,200 cash in advance from a customer for repair services to be provided in April The company paid $5,100 in cash dividends QUESTION 8 4 points A Financial statements can be prepared directly from a(n): Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers 15 sty MacBook Air DOO F3 F4 F5 F7 FB FO FIO A Financial statements can be prepared directly from a(n): . Report from a balance sheet B. Interim Balance sheet C. Only using the equity accounts D.An adjusted trial balance E. Classified Balance Sheet QUESTION 9 4 point A company purchased new furniture at a cost of $26,000 on January 1. The furniture is estimated to have a Click Save and submit to save and submit. Click Save All Answers to save all answers. Save All Answers 15 tv MacBook Air 200 DDD DOO F4 F5 F6 F7 FB FS A * ) # 3 % 5 & 7 ( 9 4 6 00 0 V E R Y U 1 o
