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brownlion52Lv1
28 Sep 2019
1. The purchase of an asset (like Equipment) for cash will
a) increase total assets and increase total liabilities
b) have no effect on total assets or liabilities
c) increase total liabilities and decrease total assets
d) increase total assets and increase owner's equity
e) increase total assets and decrease owner's equity
2. If a $25 cash purchase of supplies is recorded as a $52 debit toSupplies Expense and a $52 credit to Cash, the result will bethat
a) the trial balance will be out of balance
b) the Supplies Expense account will be understated
c) the Cash account will be overstated
d) Supplies Expense will be overstated and Cash will beunderstated
e) none of these will be true
3. In preparing the first two closing entries, to which of thefollowing columns of the work sheet does one refer?
a) balance sheet columns
b) adjusted trial balance columns
c) income statement columns
d) trial balance columns
e) adjustments columns
4. Net income for Susan's Treasures is $25000 for the current year.The owner withdrew $2000 per month for personal living expenses,The owner's Capital account will show a net
a) decrease of $1000
b) increase of $49000
c) decrease of $24000
d) increase of $1000
e) increase of $25000
1. The purchase of an asset (like Equipment) for cash will
a) increase total assets and increase total liabilities
b) have no effect on total assets or liabilities
c) increase total liabilities and decrease total assets
d) increase total assets and increase owner's equity
e) increase total assets and decrease owner's equity
2. If a $25 cash purchase of supplies is recorded as a $52 debit toSupplies Expense and a $52 credit to Cash, the result will bethat
a) the trial balance will be out of balance
b) the Supplies Expense account will be understated
c) the Cash account will be overstated
d) Supplies Expense will be overstated and Cash will beunderstated
e) none of these will be true
3. In preparing the first two closing entries, to which of thefollowing columns of the work sheet does one refer?
a) balance sheet columns
b) adjusted trial balance columns
c) income statement columns
d) trial balance columns
e) adjustments columns
4. Net income for Susan's Treasures is $25000 for the current year.The owner withdrew $2000 per month for personal living expenses,The owner's Capital account will show a net
a) decrease of $1000
b) increase of $49000
c) decrease of $24000
d) increase of $1000
e) increase of $25000
a) increase total assets and increase total liabilities
b) have no effect on total assets or liabilities
c) increase total liabilities and decrease total assets
d) increase total assets and increase owner's equity
e) increase total assets and decrease owner's equity
2. If a $25 cash purchase of supplies is recorded as a $52 debit toSupplies Expense and a $52 credit to Cash, the result will bethat
a) the trial balance will be out of balance
b) the Supplies Expense account will be understated
c) the Cash account will be overstated
d) Supplies Expense will be overstated and Cash will beunderstated
e) none of these will be true
3. In preparing the first two closing entries, to which of thefollowing columns of the work sheet does one refer?
a) balance sheet columns
b) adjusted trial balance columns
c) income statement columns
d) trial balance columns
e) adjustments columns
4. Net income for Susan's Treasures is $25000 for the current year.The owner withdrew $2000 per month for personal living expenses,The owner's Capital account will show a net
a) decrease of $1000
b) increase of $49000
c) decrease of $24000
d) increase of $1000
e) increase of $25000
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answer
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Tod ThielLv2
28 Sep 2019