The FastForward Company balance sheet shows cash $$5,000,$ accounts receivable $$7,000,$ office equipment $$3,000,$ and accounts payable $$4,000.$ What is the amount of equity?

A$.$ $$1,000$

B$.$ $$11,000$

C$.$ $$12,000$

D$.$ $$15,000$

E$.$ $$19,000$

On May $31,$ Charlotte Company had an Accounts Payable balance of $$57,000.$ During the month of June, total credits to Accounts Payable were $$34,000,$ which resulted from purchases on credit. The June $30$ Accounts Payable balance was $$7,000.$ What was the amount of payment made during June?

A$.$ $$32,000$

B$.$ $$34,000$

C$.$ $$57,000$

D$.$ $$59,000$

E$.$ $$84,000$

If Girard Don, the owner of Girard's Software proprietorship, uses cash of the business to purchase a personal computer, the business should record this use of cash with an entry to

A$.$ debit Salary Expense and credit cash

B$.$ debit Girard Don, Salary, and credit cash

C$.$ debit cash and credit Girard Don, withdrawals

D$.$ debit Girard Don, capital, and credit cash

E$.$ debit Girard Don, withdrawals, and credit cash

The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the

A$.$ Revenue recognition principle

B$.$ Cost principle

C$.$ Cash basis of accounting

D$.$ Matching principle

E$.$ Timeliness principle

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