When services are rendered but payment is not made, which account

Question 1 (5 points) When services are rendered but payment is not made, which account would be increased? Question 1 options: accounts receivable accounts payable cash withdrawal Question 2 (5 points) Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include __________. Question 2 options: cash and capital increase, $12,000 cash and revenue increase, $12,000 cash increases and accounts receivable decreases $12,000 accounts receivable decreases and capital increases $12,000 Question 3 (5 points) A company has the following balances in its asset accounts: Cash, $750; Accounts Receivable, $125; Equipment, $2,000; Supplies, $875. The amount of the company’s total assets is __________. Question 3 options: $875 $1,750 $2,875 $3,750 Question 4 (5 points) An accounting report that shows the changes in capital during the accounting period is __________. Question 4 options: a balance sheet an income statement a statement of owner’s equity All of these answers are correct. Question 5 (5 points) Which of the following transactions has no effect on owner’s equity? Question 5 options: paying salaries expense equipment purchase billing for services rendered a withdrawal Question 6 (5 points) The increase or decrease in the owner’s equity is reported on the __________. Question 6 options: income statement statement of owner’s equity balance sheet All of these answers are correct. Question 7 (5 points) The payment of accounts payable would __________. Question 7 options: increase both assets and liabilities increase assets and decrease liabilities decrease both assets and liabilities decrease assets and increase liabilities Question 8 (5 points) Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________. Question 8 options: increase in both cash and withdrawal decrease in both cash and withdrawal decrease in cash and increase in withdrawal increase in cash and decrease in withdrawal Question 9 (5 points) The financial statement that shows revenue and expenses for a period of time is the __________. Question 9 options: balance sheet income statement statement of owner’s equity statement of cash flows Question 10 (5 points) A company has $4,500 in its Revenue account at the end of a period. The Expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss. for the period is __________. Question 10 options: $3,600 ($2,100. $975 ($1,425. Question 11 (5 points) Carrie billed her legal clients $6,000 for legal work completed during the month. This transaction will __________. Question 11 options: cause a $6,000 increase in revenues and liabilities cause a $6,000 increase in revenues and a decrease in liabilities cause a $6,000 increase in assets and revenues not be recorded until the cash is collected Question 12 (5 points) Which of the following is not one of the four basic financial statements? Question 12 options: Statement of Cash Flows Income Statement Statement of Company Position Balance Sheet Question 13 (5 points) The net income or net loss is calculated on the __________. Question 13 options: balance sheet statement of owner’s equity income statement None of the above answers are correct. Question 14 (5 points) The statement of owner’s equity contains the __________. Question 14 options: owner’s capital for the beginning of the period liabilities of the company total amount owed by credit customers balance in the cash account Question 15 (5 points) The financial statement that shows business results in terms of revenue and expenses is __________. Question 15 options: an income statement a balance sheet a statement of owner’s equity the statement of cash flows Question 16 (5 points) Which of the following statements is prepared first? Question 16 options: Statement of Owner’s Equity Balance Sheet Income Statement None of the above Question 17 (5 points) An expense should be recorded when __________. Question 17 options: the bill is paid the expense is incurred a bill is received in the mail None of the above answers are correct. Question 18 (5 points) If ‘Ol Fashioned Toys’ revenues are less than its expenses during the accounting period, then __________. Question 18 options: owner’s withdrawals decrease net income net income causes liabilities to decrease the business will incur a loss owner’s withdrawals increase owner’s equity Question 19 (5 points) If a company’s revenues are higher than its expenses, it will cause __________. Question 19 options: an increase in owner’s equity a decrease in owner’s equity an increase in assets no effect on owner’s equity Question 20 (5 points) BPK Industries has a net income for the period of $2,500. The balance in the Owner’s Capital account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner’s Capital account at the end of the period will be __________. Question 20 options: $5,850 $7,500 $850 $9,150

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