1. The financial statement that presents a summary of assets, liabilities, and owner's equity as of a specific date is the:

 a. statement of owner's equity

 b. balance sheet

 c. income statement

 d. statement of cash flows 

  

2. The normal balance of an expense account is a ________ while the normal balance of an asset account is a ____________.

 a. debit, credit

 b. debit, debit

 c. credit, credit

 d. credit, debit   

 

3. The normal balance of a liability account is a ________ while the normal balance of a revenue account is a __________.

 a. credit, debit

 b. debit, debit

 c. debit, credit

 d. credit, credit 

  

4. Which of the following entries records the billing of service revenue performed on account for $5,400:

 a. debit to service revenue and a credit to accounts receivable for $5,400

 b. debit to accounts payable and a credit to service revenue for $5,400

 c. debit to accounts receivable and a credit to the owner's capital for $5,400

 d. debit to accounts receivable and a credit to service revenue for $5,400 

 

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