Which of the following transactions would have no impact on stockholders' equity? Purchase of land from the proceeds of a bank loan, Dividends to stockholders. Net loss. Investments of cash by stockholders. The following comments all relate to the recording process. Which of these statements is correct? The general ledger is a chronological record of transactions. The general ledger is posted from transactions recorded in the general journal. The trial balance provides the primary source document for recording transactions into the general journal. Transposition is the transfer of information from the general journal to the general ledger. $4.$ The proper journal entry to record Ransom Company's billing of clients for $$500$ of services rendered is: Dt: Cash $500$; Ct: Accounts Receivable $500$ Dt: Accounts Receivable; Ct: Capital Stock $500$ Dt: Accounts Receivable $500$; Ct: Service Revenue $500$ Dt: Cash $500$; Ct: Service Revenue $5005.$ The basic sequence in the accounting process can best be described as: Transaction, journal entry, source document, ledger account, trial balance. Source document, transaction, ledger account, journal entry, trial balance. Transaction, source document, journal entry, trial balance, ledger account. Transaction, source document, journal entry, ledger account, trial balance. Current assets are those assets which management intends to convert into cash or consume within: The operating cycle One year The longer of $($a$)$ or $($b$)$ The shorter of $($a$)$ or $($b$)7.$ If a company had a current ratio of $0\mathrm{.}5,$ then which of the following statements regarding that company's working capital would be true? The company's working capital would be positive. The company's working capital would be zero. The company's working capital would be negative. The company's working capital would be $2$:$1.8.$ The following statements all pertain to the accounting cycle. Which of these statements is wrong? A post$-$closing trial balance is prepared prior to closing temporary accounts. Formal financial statements may be produced from the worksheet. Adjusting entries are recorded in the journal and posted to the ledger. The post$-$closing trial balance is prepared by examining ledger balances subsequent to the closing of accounts. $9.$ After closing all revenue and expense accounts, Norris Company had a debit balance in its Income Summary account of $$10,000.$ The proper entry to record the closing of the Income Summary account would be: Dr: Revenue $10,000,$ Cr: Income Summary $10,00010,000$ Dr: Retained Earnings $10,000,$ Cr: Income Summary $10,00010,000,$ Cr: Retained Earnings Dr: Income Summary $10,00010,000,$ Cr: Accrued Expenses Dr: Income Summary $10.$ Adjusting entries at the end of an accounting period would not be required for which of the following Multiperiod costs that must be split among two or more accounting periods. Multiperiod revenues that must be split among two or more accounting periods. Expenses that have been incurred in a given period but not as yet recorded in the accounts. Revenue that has been earned and recorded in the accounting records.