All of the financial statements are for a period of time except the balance sheet. statement of cash flows. income statement. owner’s equity statement. Tony’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $50,000, terms 2/10, n/30. Returned $1,000 of the shipment for credit. Paid $250 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s merchandise inventory increased by $48,270. increased by $49,250. increased by $48,265. increased by $48,020. Stahl Consulting started the year with total assets of $20,000 and total liabilities of $5,000. During the year, the business recorded $16,000 in catering revenues and $8,000 in expenses. Stahl made an additional investment of $3,000 and withdrew cash of $5,000 during the year. Owner’s equity changed by what amount from the beginning of the year to the end of the year? $14,000 $6,000 $15,000 $3,000 The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information: Revenues $7,000
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Expenses: Wages Expense $2,000 Rent Expense 1,000 Supplies Expense 300 Advertisi ng Expense 200 Insuranc e Expense 100 Total expenses 3,600 Net income $3,400 The entry to close the revenue account includes a credit to Income Summary for $3,400. debit to Income Summary for $7,000 . debit to Income Summary for $3,400. credit to Income Summa ry for $7,000 Which of the following correctly identifies normal balances of accounts? d. Assets Liabilities Owner’s Equity Revenues Expenses Assets Debit Liabilities Credit
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Owner’s Equity Credit Revenues Debit Expenses Credit Assets Debit Liabilities Credit Owner’s Equity Credit Revenues Credit Expenses Credit Assets Credit Liabilities Debit Owner’s Equity Debit Revenues Credit Expenses Debit Topeka Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is debit Cash, $940; credit Accounts Receivable, $940. debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940
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