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Question 17 of 40 2.5/ 2.5 PointsA compound transaction was recorded as follows: debit Equipment, $5,000; debit Cash, $1500; credit Accounts Payable, $3,500. This error would cause __________.A. assets to be overstated B. assets to be understated C. liabilities to be overstated D. liabilities to be understated Question 18 of 40 2.5/ 2.5 PointsA withdrawal by the owner was posted to an expense account. This error would cause __________.
Question 19 of 40 2.5/ 2.5 PointsA credit to an asset account was posted to the capital account. This error would cause __________.Question 20 of 40 2.5/ 2.5 PointsGiven the following list of accounts with normal balances, what are the trial balance totals of thedebits and credits?Cash$1,100Accounts Receivable800Capital1,900Withdrawals500Service Fees1,000Rent Expense500
Part 2 of 2 - Lesson 5 Questions47.5/ 50.0 PointsQuestion 21 of 40 2.5/ 2.5 PointsA credit to a liability account was posted to an owner's equity account. This would cause __________.A. assets to be overstated B. liabilities to be understated C. owner's equity to be understated D. net income to be overstated Question 22 of 40 2.5/ 2.5 PointsPosting is performed by transferring information from the journal to the __________.
Question 23 of 40 2.5/ 2.5 PointsA credit to an asset account was posted to a revenue account. This would cause __________.