When services are rendered but payment is not made, which account

Question 1 (5 points) When services are rendered but payment is not made, which account would be increased?Question 1 options:accounts receivableaccounts payablecashwithdrawalQuestion 2 (5 points) Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include __________.Question 2 options:cash and capital increase, $12,000cash and revenue increase, $12,000cash increases and accounts receivable decreases $12,000accounts receivable decreases and capital increases $12,000Question 3 (5 points) A company has the following balances in its asset accounts: Cash, $750; Accounts Receivable, $125; Equipment, $2,000; Supplies, $875. The amount of the company’s total assets is __________.Question 3 options:$875$1,750$2,875$3,750Question 4 (5 points) An accounting report that shows the changes in capital during the accounting period is __________.Question 4 options:a balance sheetan income statementa statement of owner’s equityAll of these answers are correct.Question 5 (5 points) Which of the following transactions has no effect on owner’s equity?Question 5 options:paying salaries expenseequipment purchasebilling for services rendereda withdrawalQuestion 6 (5 points) The increase or decrease in the owner’s equity is reported on the __________.Question 6 options:income statementstatement of owner’s equitybalance sheetAll of these answers are correct.Question 7 (5 points) The payment of accounts payable would __________.Question 7 options:increase both assets and liabilitiesincrease assets and decrease liabilitiesdecrease both assets and liabilitiesdecrease assets and increase liabilitiesQuestion 8 (5 points) Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________.Question 8 options:increase in both cash and withdrawaldecrease in both cash and withdrawaldecrease in cash and increase in withdrawalincrease in cash and decrease in withdrawalQuestion 9 (5 points) The financial statement that shows revenue and expenses for a period of time is the __________.Question 9 options:balance sheetincome statementstatement of owner’s equitystatement of cash flowsQuestion 10 (5 points) A company has $4,500 in its Revenue account at the end of a period. The Expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss. for the period is __________.Question 10 options:$3,600($2,100.$975($1,425.Question 11 (5 points) Carrie billed her legal clients $6,000 for legal work completed during the month. This transaction will __________.Question 11 options:cause a $6,000 increase in revenues and liabilitiescause a $6,000 increase in revenues and a decrease in liabilitiescause a $6,000 increase in assets and revenuesnot be recorded until the cash is collectedQuestion 12 (5 points) Which of the following is not one of the four basic financial statements?Question 12 options:Statement of Cash FlowsIncome StatementStatement of Company PositionBalance SheetQuestion 13 (5 points) The net income or net loss is calculated on the __________.Question 13 options:balance sheetstatement of owner’s equityincome statementNone of the above answers are correct.Question 14 (5 points) The statement of owner’s equity contains the __________.Question 14 options:owner’s capital for the beginning of the periodliabilities of the companytotal amount owed by credit customersbalance in the cash accountQuestion 15 (5 points) The financial statement that shows business results in terms of revenue and expenses is __________.Question 15 options:an income statementa balance sheeta statement of owner’s equitythe statement of cash flowsQuestion 16 (5 points) Which of the following statements is prepared first?Question 16 options:Statement of Owner’s EquityBalance SheetIncome StatementNone of the aboveQuestion 17 (5 points) An expense should be recorded when __________.Question 17 options:the bill is paidthe expense is incurreda bill is received in the mailNone of the above answers are correct.Question 18 (5 points) If ‘Ol Fashioned Toys’ revenues are less than its expenses during the accounting period, then __________.Question 18 options:owner’s withdrawals decrease net incomenet income causes liabilities to decreasethe business will incur a lossowner’s withdrawals increase owner’s equityQuestion 19 (5 points) If a company’s revenues are higher than its expenses, it will cause __________.Question 19 options:an increase in owner’s equitya decrease in owner’s equityan increase in assetsno effect on owner’s equityQuestion 20 (5 points) BPK Industries has a net income for the period of $2,500. The balance in the Owner’s Capital account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner’s Capital account at the end of the period will be __________.Question 20 options:$5,850$7,500$850$9,150