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1. Theretainedearningsstatementdoesnot show: Answer theretainedearningsbeginning balance. revenuesandexpenses. dividends. theendingretainedearningbalance. 2points Question2 1. Thecorrectadjustingentryforrecordingthedepreciationofofficeequipmentwouldbe: Answer debitDepreciationExpenseandcreditOfficeEquipment debitOfficeEquipmentandcreditAccumulatedDepreciation debitDepreciationExpenseandcreditAccumulatedDepreciation debitOfficeEquipmentandcreditDepreciationExpense 2points Question3 1. Liabilitiesofacompanyrepresentmoneyowedto: Answer customers. owners. creditors. stockholder s 2points Question4 1. Ifthebookvalueofanassetis$12,500andtheaccumulateddepreciationis$3,500,theoriginalcostoftheasset is: Answer $16,00 $9,500 $9,000 $7,500 2points Question5 1. Netincomewillresultduringatimeperiodwhen: Answer assetsexceedliabilities. assetsexceedrevenues. expensesexceedrevenues. revenuesexceedexpenses. 2points Question6 1. Whichofthefollowingaccountsisnotclosedout(i.e.,reducedtozero)atyearend? Answer SalesRevenue DepreciationExpense AccumulatedDepreciation RentExpense 2points Question7 1. Trademarkswouldappearinwhichbalancesheetsection?... View Full Document

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