QUESTION 1 A business has assets of 199,006 and liabilities of 24,911. There total owners equity would be: QUESTION 2 Which of the following accounts would have a debit balance? Notes Payable Retained Earnings Accounts Receivable Sales Revenue DESTION QUESTION 3 Simmons Corporation's cash account had an original balance on March 1548.000. During March $28.000 of credits were posted to the cash account. In addition, $22.000 of debits were posted to the cash account during March What the balance of the Cash count at the end of Much? $20,000 Debit Balance $20,000 crede balance 342,000 Credit Bank 12.000 Detace 1 QUESTION etter cast on tore to be fown on January 1st of next yout. Under the scenes bain of accounting, the traction QUESTION 5 Smith Corporation borrowed $150,000 from 1st national Bank and signed a 12%, 3 month note payable on July 1, 2020 How much interest expense will smith corporation owe the bank on October 1st, when the note is due to be paid? $1,500 $3,000 $4,500 $18,000 QUESTION 6 Please record the following Journal Entries in the space below Jan 10 Purchased a tomobile by paying $20,000 in cash Jun 15 Performed services for a client for $1.000. Prepared a bill and asked the client to pay within 30 days Jan 20 Paid $2.000 rent for the month of January on our office Feb 1 Collected $1,000 payment from the vent for the services performed Jan 15, For the toolbar O ALTF10 C or ALTENUF10 Mac . C 1 m c