sheet. 6) "Acquired assets should be recorded at the amount actually paid rather than their estimated market value. This statement is in accordance with a) Matching Principle b) Cost Principle e) Economic Entity Principle d) Unitary Principle 7) The Owner's Equity of Alliance Company is $160,000, and the total uabilities are $10,000. The total Assets are: a) $170,000 b) $150,000 c)$110,000 d) $250,000 8) Owner's Equity decreases with: a) Net Loss b) Owner's withdrawal c) The incurrence of an expense d) All of the above 9) which of the following accounts would appear on the Post Closing Trial Balance? a) Service Revenue b) Unearned Service Revenue c) Rent Revenue d) Rent Expense 10) which of the following accounts is an asset? a) Service Revenue b) Prepaid Rent c) Interest Payable d) Interest Revenue 11) Which of the following accounts is decreased through a debit entry? Notes Receivable b) Notes Payable c) Interest Expense d) Prepaid Insurance 12) Office Supplies had a beginning balance of $8,300. During the accounting period, additional Supplies of $1,500 were purchased. On the last day of accounting period, there were $7,30 supplies left on hand. The adjusting entry would include: a) A debit to supplies expense of $8,300 c) A credit to supplies for $2,5 b) A debit to supplies expense for $1,500 d) A credit to supplies for $1.5