ACC423-Revenue has the effect of decreasing the owner's equity

1) Revenue has the effect of decreasing the owner's equity. True False

2) Unearned Revenue account is a liability account. True False

3) In recording sales of merchandise on account, you need to debit the Accounts Payable account. True False

4) An increase in an expense account is recorded as a debit to that expense account.True False

5) As equipment is depreciated, its accumulated depreciation decreases and its book value increases. True False

6) If the adjustment for accrued salaries is omitted, liabilities will be understated. True False

7) Each adjusting entry must affet both an income statement account and a balance sheet account. True False

8) An actual count of a stock of goods on hand is called a physical count. True False

9) The Salaries Payable account is an example of an unearned revenue account. True False

10) The following are the account balances of ABC Co.: Cash = $3,000; Accounts Receivable = $4,000; Accounts Payable = $2,000; Office Supplies = $500; Office Equipment = $5,000; Notes Payable = $3,500; Unearned Revenue = $1,000. The amount of the Owner's Equity is ---------------?

11)The following are the account balances of ABC Co.: Cash = $3,000; Accounts Receivable = $4,000; Accounts Payable = $2,000; Office Supplies = $500; Office Equipment = $5,000; Notes Payable = $3,500; Unearned Revenue = $1,000. The amount of the Total Assets is ___________.?

12) The following are the account balances of ABC Co.: Cash = 4,000; Accounts Receivable = $4,000; Accounts Payable = $2,000; Office Supplies = $500; Office Equipment = $5,000; Notes Payable = $3,500; Unearned Revenue = $1,000. The amount of the Total Liabilities is ___________.?

13) Table 1: The accounts and their balances as of Dec. 31 of this year for MMD Company are:Accounts Payable = $32,400; Accounts Receivable = $4,200; Advertising Expense = $960; Cash = $ 11,100; Equipment = $51,000; Income from Services = $19,200; Insurance Expense = $480; Owner, Capital, Jan. 1 = $33,480; Owner, Drawing = $4,800; Rent Expense = $2,850; Supplies = $3,120; Utilities Expense = $1,770; Wages Expense = $4,800.

Using Table 1, the total amount of expenses found in the Income Statement is _____________.?

14) Table 1: The accounts and their balances as of Dec. 31 of this year for MMD Company are:Accounts Payable = $32,400; Accounts Receivable = $4,200; Advertising Expense = $960; Cash = $ 11,100; Equipment = $51,000; Income from Services = $19,200; Insurance Expense = $480; Owner, Capital, Jan. 1 = $33,480; Owner, Drawing = $4,800; Rent Expense = $2,850; Supplies = $3,120; Utilities Expense = $1,770; Wages Expense = $4,800.

Using Table 1, the total amount of revenue found in the Income Statement is __________.?