Question 128 On 1 May 2022, Dress in Style received a $2000 advance payment from a customer for the design and making of a formal gown. The gown is expected to be completed by the end of August 2022. The correct accounting entry to initially record the $2000 is: O a. DR Income earned $2000; CR Cash at Bank $2000 O b. DR Unearned income $2000; CR Cash at Bank $2000 O c. DR Cash at Bank $2000; CR Accounts payable $2000 Od DR Cash at Bank $2000; CR Unearned income $2000 Question 69 Which assumption requires transactions to be recognised in the accounting reports when they occur and not when the cash is received or paid? Select one: a. accounting entity. O b. accounting period. O c. faithful representation. O d. accrual basis. Question 30 Lindy Jones withdrew $500 from her business bank account for personal use. The effect of this transaction on the accounting equation is: Select one: O a. Assets decrease by $500; Liabilities decrease by $500. O b. Assets decrease by $500; Assets increase by $500. OC. Assets decrease by $500; Equity decreases by $500. O d. Assets decrease by $500; Equity increases by$500. Question 12 The three main types of business entities are: Select one: O a. Trust, sole proprietorship and not-for-profit. O b. Sole proprietorship, company and trust. Oc Company, partnership and sole proprietorship. O d. Not-for-profit, partnership and company. Question 38 Jwana is a small business owner. On 20 January she completes some work for a client on credit and sends the client an invoice for $250. On 10 February the client pays the account and Jwana deposits the $250 into the business bank account. Assuming Jwana prepares her financial statements each month, the receipt of cash on 10 February effects the accounting equation for Jwana's business in the following way: Select one: a. Cash at bank increases by $250; Equity increases by $250. O b. Cash at bank increases by$250; Equity decreases by $250. . Cash at bank increases by$250; Accounts receivable increases by $250. O d. Cash at bank increases by $250; Accounts receivable decreases by $250