U Question 7 3 pts Which of the following is true about withdrawal (distribution)? o withdrawal (distribution) are classified as expenses and reduce net income. O The withdrawal (distribution) account is a contra-equity account and has a normal debit balance. The withdrawal (distribution) account is an equity account therefore listed on the Balance Sheet. O The withdrawal (distribution) account is used when cash is withdrawn from the bank to pay expenses. U Question 2 3 pts Which of the following accounts have a "normal" balance of debit: O Accumulated depreciation, buildings, service revenue O Owner Equity Sales revenue, unearned revenue, notes payable O Prepaid rent, accounts receivable, cash Question 5 3 pts A liability would be established on a company's balance sheet as a result of: O Selling ownership interest O Borrowing money from the bank O Purchasing land and buildings for cash O Selling to customers on credit Question 6 3 pts Ace Accounting received $2,000 from a client in December, as payment in advance for preparation of the client's tax return during the following January. As a result, Ace's December financial statements will show $2,000 of: O Service revenue O Accounts receivable O Prepaid assets O Unearned revenue