Multiple choice
Thehonest1. 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
- 10 years ago
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