Multiple Choice (2 points each) Identify the choice that best completes the ssat
ID: 2541350 • Letter: M
Question
Multiple Choice (2 points each) Identify the choice that best completes the ssatement or answers the question 1. Which of the following entries records the soquisition of office supplies on accounk Cash, debit, Office Supplies, crodit Office Supplies, debit, Accounts Payable, credit Office Supplies, debit, Cash, credit Accounts Receivable, debit; Office Supplies, credit 2. The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a trial balance account balance sheet ledger 3. The payment for the monthly rent will require which of the following entries credit Cash and credit Rent Expense debit Rent Expense and credit Cash debit Cash and debit Rent Expense acredit Rent Expense and debit Cash 4. Which of the following best describes accounting? a. records economic data but does not communicate the data to users according to any specific rules b. is used only for f govermmental reporting requirements is of no use by individuals outside of the business. s & is an information system that provides reports to users regarding economic ac activities and condition of a business. 5. If total liabilities decreased by SSS000 during a period of time and owner's equity increased by $60,000 _ during the same period, the amount and direction (increase or decrease) of the period's change in total assets is a. $115,000 increase b. $115,000 decrease c. $5,000 decrease d. $5,000 increase during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is 6. If total assets decreased by $88,000 during a period of time and stockholders' equity increased by $65,000Explanation / Answer
We are supposed to solve only one question if multiple posted but i will solve first 5 of them.Post 5 of them each
1)supplies(db)xxx
account payable(cr)xxx
it is option B
2)Option A
3)cash(db)
rent expense(cr)
it is option D
4)Option D
5) Total assets will be =-55000+60000=5000 increase
Option D
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