QUESTION 35 Which of the following is considered an asset until consumed (used up)? Oa. accounts payable Ob. supples Oc accounts receivable Od. common stock QUESTION 36 Philip Corporation financed the purchase of equipment by using a note payable. What is the effect of this transaction on the balance sheet? O a cash will decrease and equipment will increase Ob. total assets will remain unchanged Oc cash will increase Od total assets and total labilities will both increase QUESTION 37 On Octuber 1, Johnson, Inc. paid rent expense of $1,300 for the month of October. How are the accounts affected due to this transaction? O increase in cash $1.300 and increase in retained eamings $1,300 Obncrease in cash $1,300 and decrease in retained eamings $1,300 O decrease in cash $1.300 and decrease in retained eamings $1.300 Od decrease in cash $1,300 and increase in retained samings $1.300 QUESTION 38 BNC Company sams revenues and as a result, collects cash Wich of the following financial statement elements increased? O & cash only Osckholders equity only OL Nattes 06 cash and stockholders pity QUESTION 39 De Fed Caw Company prepare for January of 15.000 and paint December uy for $700 By how much would these events reduce dry equly in December O 5756 0135.400 C4843