7) Country Homes Company jast total liabilities by $16,000, then recorded a tran

Question

7) Country Homes Company jast total liabilities by $16,000, then recorded a transaction in its books. If this transaction increased the 7 transacior A) either assets or equity mmust decresase by si$00 B) both assets and equity must each decreaser C) assets must decrease by $16,000 nust increase, or equity must decresse by $16,000 8) Following is a list of acount balanes of Nabers Delivery Services as of December 31, after the firsty 8 of operations otes Payable What is the amount of total liabilities at the end of the year? A) $24.500 B) $15,200 C) $15,500 D) $27,500 SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 9) State whether the normal balance of each of the following accounts is a debit or credit Account Service e Revenue Accounts Payable MULTIPLE CHOICE. Choose the one alternative that best completes t the statement or answers the question. 10) The Accounts Payable account of Waterford Company has the following postings 10) Accounts Payable 14,000 25,000 7,000 14,000 Calculate the ending balance of the account B) 518,00 C) $14,000 credit D) $18,000 debit A) $7,000 debit

Explanation / Answer

7) IF liabilties increase so next effect would be either assets increase or equity decrease

so answer is d) Assets must increase or equity must decrease by $16000

8) Total liabilties = 7000+8200+300 = 15500

so answer is c) $15,500

9) Normal balance :

10) Ending balance = (25000+14000-14000-7000) = 18000 Credit

so answer is b) $18,000 Credit

Service revenue Credit Jones withdrawals Debit Account payable Credit Prepaid insurance Debit

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