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Unformatted text preview: year, what amount of total assets did Boyd have at the beginning of the year ? A. $700,000 C. $800,000 B. $750,000 D. $850,000 D 3. Which of the following accounts would NOT be classified as an asset? A. accounts receivable C. inventory B. prepaid insurance D. contributed capital A 4. Which of the following accounts increases on the credit side (has a normal credit balance)? A. retained earnings C. accounts receivable B. dividends D. interest expense D 5. What is the effect of the purchase of equipment for cash? A. Cash will decrease B. Equipment will increase C. Total assets will not change D. All of the above will result...
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- Spring '08