QUESTION 7 Correct Mark 1.00 out of 1.00 Which of the following transactions does not affect the balance sheet totals Select one Ordered equipment

Question 7 correct mark 1.00 out of 1.00 which of the

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QUESTION 7CorrectMark 1.00 out of 1.00Which of the following transactions does not affect the balance sheet totals?Select one:Ordered equipment that will be paid for upon delivery in two months Purchased $1,000 of supplies on accountPaid $5,000 cash on an outstanding account payableBorrowed $10,000 cash from the bankThe correct answer is: Ordered equipment that will be paid for upon delivery in two monthsQUESTION 8CorrectMark 1.00 out of 1.00Smith & Sons borrowed $1,000 from Bank of America. This journal entry would involve a credit entry to which ofthe following accounts:Select one:CashAccounts receivableNotes payable Current liabilitiesThe correct answer is: Notes payableQUESTION 9CorrectMark 1.00 out of 1.00Smith & Sons purchased supplies on account. This transaction will affect:Select one:Only the balance sheet Only the income statementBoth the balance sheet and the income statementOnly the statement of stockholders’ equityThe correct answer is: Only the balance sheet
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