respons 1. Which of these is (are) an example of a liability account? A. Withdrawals B. Telephone Expense C. Salary Payable D. All of the above are liabilities 2. Davie Services purchased $500 of office furniture on account. The effect of this tran on the accounting equation is to: A. Have no effect on total assets. B. Increase assets and decrease owner's equity. C. Increase assets and increase liabilities. D. Decrease assets and decrease owner's equity. 3. Which of these statements is true? A. Decreases in assets and increases in liabilities are recorded with a debit. B. Decreases in liabilities and increases in revenues are recorded with a credit. C. Increases in assets and increases in owner's equity are recorded with a credit. D. Increases in both assets and expenses are recorded with a debit. fth 4. Which of these accounts has a normal credit balance? A. Capital B. Withdrawals C. Cash D. Salary Expense 5. Accounts Payable has a normal beginning balance of $18,500. During the period, pur on account total $50,500 and payments on account total $45,600. Determine the corre ending balance in Accounts Payable. A. $23,400, debit B. $13,600, debit C. $23,400, credit D. $13,600, credit 6. The beginning Cash account balance is $98,100. During the period, cash receipts are $32,800. If ending Cash is $44,200, then cash payments must have been: A. $21,100 B. $86,700 C. $109,500 D. $175,100 7. The journal entry to record the payment of $600 to a vendor on account is: A. Accounts Receivable 600 Cash 600 B. Cash 600 Accounts Payable 600 C. Cash 600 Accounts Receivable 600 D. Accounts Payable Cash 600 600 8. Which of these statements is correct? A. The chart of accounts is the first place that accounting transactions are written. B. A business transaction is recorded first in the ledger and then posted to the journal. C. The ledger is a chronological listing of all transactions. D. Posting is the copying of transactions from the journal to the ledger. 9. A list of all accounts with their current debit or credit balances is the: A. Chart of accounts B. Trial balance C. Ledger D. Journal 10. Use the following selected information for Martinez Company to calculate the correct debit column total for a trial balance: Accounts receivable $ 3,450 Accounts payable 3,600 Building 89,800 Cash 7,800 Capital 32,000 Insurance expense 3,300 Salary expense 28,000 Salary payable 1,800 Service revenue 95,250 A. $164,500 B. $132,500 C. $132,350 D. $101,200