Question 14 It is correct that each balance day adjustment: Select one: a. Always has an effect on the bank account. O b. Has one effect on the income statement and one effect on the balance sheet. O c. Only affects the income statement. O d. Only affects the balance sheet. Question 75 Kate's Mechanics purchased a delivery van for $8000 cash. The effect of this transaction on the accounting equation is: Select one: O a. Asset Cash at bank decreases by $8000; Equity decreases (via Motor Vehicles Expenses) by $8000 O b. Asset Cash at bank decreases by of $8000; Asset Vehicles increases by $8000. O c. Asset Cash at bank increases by $8000; Asset Vehicles decreases by $8000. O d. Asset Cash at bank decreases by $8000; Equity increases (via Motor Vehicles Expenses) by $8000. Question 37 Max decides to open his own ice-cream store and deposits $25 000 into his new business bank account on 1 October. The effect of this transaction on the accounting equation is: Select one: O a. Assets increase by $25 000; Equity decreases by $25 000. O b. Assets increase by$25 000; Equity increases by $25 000. O C. Assets increase by $25 000; Liabilities increase by $25 000. O d. Assets decrease by $25 000; Equity decreases by $25 000. Question 43 Select the account types for these items: Rent received in advance Mortgage Prepaid expenses Electricity paid Select one: a. Expense, liability, liability, equity O b. Expense, liability, asset, liability O C. Liability, liability, asset, expense O d. Asset, equity, asset, expense Question 77 In January Jenny purchases new furniture worth $1750 for her consulting office. The furniture is purchased on credit. The effect of this transaction on the accounting equation is? Select one: O a. Increase in the asset furniture $1750; increase in the asset accounts receivable $1750. O b. Increase in the asset furniture $1750; increase in equity $1750. O c. Increase in the asset furniture $1750; decrease in the asset accounts receivable $1750. O d. Increase in the asset furniture $1750; increase in the liability accounts payable $1750