Which of the following is not true about double entry accounting? A. The accounting equation must balance B. Each transaction will have two debits C. Every transaction involves at least two accounts D. The sum of all debits is always equal to the sum of all credits in each journal entry A. The accounting equation must balanc B. Each transaction will have two debits C. Every transaction involves at least two accounts D. The sum of all debits is always equal to the sum of all credits in each journal entry No answer text provided. For the month of December, St. John's Merchandizing Corp recorded the following Journal Entries. What would be the balance of the Cash account in St. John's General Ledger, if St. John's started the month with a balance of $200,000 ? A. $219,000 B. $181,000 C. $244,000 D. $19,000 On December 31, Kleino's Gym purchased equipment of $9,000, using $3,000 cash and signing a Note Payable for the balance. What would the Journal Entry look like? A. Equal to liabilities less owner's equity B.Always more than liabilities C. Financed by the owner and/or creditors D. The same as expenses, since they are acquired with cash A. Equal to liabilities less owner's equity B.Always more than liabilities C. Financed by the owner and/or creditors D. The same as expenses, since they are acquired with cash Land originally purchased for $25,270 is sold for $76,231 in cash. What effect does this have on the company's accounts? A. Assets decrease by $76,231, Owner's Equity increases by $76,231 B. Assets increase by $50,961, Owner's Equity increases by $50,961 C. Assets increase by $76,231, Liabilities decrease by $25,270 and Owner's Equity increases by $50,961 D. Assets decrease by $25,270; Owner's Equity increases by $76,231 A. Assets decrease by $76,231, Owner's Equity increases by $76,231 B. Assets increase by $50,961, Owner's Equity increases by $50,961 C. Assets increase by $76,231, Liabilities decrease by $25,270 and Owner's Equity increases by $50,961 D. There is no change in Liabilities; Owner's Equity increases by $76,231 Receiving payments on an account receivable increases both Owner's Equity and Assets A. True B. False True False