Use the following information to answer the next two questions:

Fisk Company made an entry to record $24,500 received from a customer for services which were completed and paid in cash immediately.

6. The journal entry would include a debit to which type of account?

A. Asset

B. Liability

C. Owners Equity

D. Expense

E. Revenue

7. The journal entry would include a credit to which type of account?

A. Asset

B. Liability

C. Owners Equity

D. Revenue

E. Expense

Use the following data for the next 3 questions

Iowa Company reports these account balances at December 31, 2012 after the accounts were closed:

Equipment $ 85,000

Cash 37,000

Accounts Payable 95,000

Land 90,000

Accumulated Depreciation 20,000

Unearned Revenue 7,000

Accounts Receivable 40,000

Buildings 115,000

Common Stock 170,000

Retained Earnings 75,000

On January 1, 2013, Iowa Company collected $12,000 of its accounts receivable, paid $30,000 of its accounts payable, and collected $10,000 in advance for revenues to be earned in February 2013. The $10,000 was recorded as a credit to Unearned Revenue. These are the only transactions ocurring on January 1st and 2nd, 2013.

8. In a trial balance prepared at December 31, 2012, the total of the debit column is:

A. $367,000

B. $360,000

C. $387,000

D. $347,000

E. None of the above

9. In a trial balance prepared at January 2, 2013 the total of the debit column is:

A. $327,000

B. $337,000

C. $340,000

D. $347,000

E. None of the above

10. On January 2, 2013, total liabilities and owners equity on an actual balance sheet prepared on January 2, 2013 are:

A. $347,000

B. $367,000

C. $327,000

D. $339,000

E. None of the above