Which of the following are shown on the income statement? Total assets Land Common Stock Net Change in Cash Revenue Notes Payable Stockholders’ Equity Total Liabilities and Stockholders’ Equity Expenses Net Income Ending cash balance Beginning cash balance Dividends

Edwards Shoe Store sold shoes that cost the company $9,100 for $11,600. Which of the following journal entries would be required to recognize the cost of goods sold? (Ignore the effects of the associated revenue recognition.)

In Year 1, Dale Company incurred $4,000 of utility expense on account. Dale paid cash for these expenses in Year 2. Which of the following shows how paying cash for Year 1’s utility expense will affect Dale’s accounting equation in Year 2? Balance SheetAssets=Liabilities+Stockholders’ EquityCash+Accounts Receivable=Accounts Payable+Common stock+Retained EarningsA.(4,000)+ =(4,000)+ + B.4,000+ =(4,000)+ + C. +(4,000)= + +(4,000)D.(4,000)+ = + +(4,000)

Which of the following is frequently used to describe the expenses that are matched in the same accounting period in which they are incurred?

The Youngstown Company recorded the following adjustment in general journal format: Account TitleDebitCreditSupplies Expense500 Supplies 500 Which of the following choices accurately reflects how this event would affect the company’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.Increase=Increase+ Increase− =IncreaseIncrease Operating Activity (OA)B.Decrease= +Decrease −Increase=DecreaseDecrease Operating Activity (OA)C.Decrease= +DecreaseDecrease− =DecreaseIncrease Operating Activity (OA)D.Decrease= +Decrease −Increase=Decrease

The Youngstown Company recorded the following adjustment in general journal format: Account TitleDebitCreditSupplies Expense500 Supplies 500 Which of the following choices accurately reflects how this event would affect the company’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.Increase=Increase+ Increase− =IncreaseIncrease Operating Activity (OA)B.Decrease= +Decrease −Increase=DecreaseDecrease Operating Activity (OA)C.Decrease= +DecreaseDecrease− =DecreaseIncrease Operating Activity (OA)D.Decrease= +Decrease −Increase=Decrease

A company experienced an accounting event that is shown in the following T-accounts: Unearned RevenueDebitCredit2,400 RevenueDebitCredit 2,400 Which of the following reflects how this event affects the company’s financial statements?

The following general journal entry was recorded in the books of Miles Company: Account TitleDebitCreditLand1,650 Cash 1,650 Based on this entry,

Bijan Corporation earned $4,000 of revenue that had been deferred. How would the related adjusting entry be recorded in the company’s T-accounts?

Which of the following accounts would not appear on a balance sheet?