The accounts that represent resources owed to creditors are called: Multiple Choice O Assets O Stockholders' equity O Dividends Liabilities Assets Liabilities Retained Earnings $81,000 41,000 10,500 What is the balance in the common stock account? 30 Multiple Choice $70,500 $40,000 $29.500 $51,500 5 44 Next > When a company provides services on account, the accounting equation would be affected as follows: Multiple Choice O Assets increase and stockholders' equity increases. Assets increase and liabilities decrease, Revenues increase Assets increase Bostel wanted to expand the size of its warehouse in order to generate more profits. The company decided to purchase the building adjacent to existing warehouse. The company pays for the building by borrowing from the bank. The purchase would be recorded as Multiple Choice O Debit Blondings; credit Cash Debit Cash and Buildings. credit Notes Payable Debit Cash: credit Notes Payable Debit Buildings credit Notes Payable A trial balance represents the: Multiple Choice Chronological record of all transactions affecting the company, List of all accounts and their balances at a particular date to ensure that debits equal credits. Source documents used to determine the effects of transactions on the company's accounts. Process of transferring debit and credit Information from the journal to the accounts in the general ledger