Vics mart collects 700 of its accounts receivable the

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Accounting Exam 2

Question 5   of 20 5.0 / 5.0 Points Vic 's Mart collects $ 700 of its accounts receivable . The expanded accounting equation impact is __________.
A.  cash and capital increase $ 700
B.  cash and revenue increase $ 700
C.  cash increases and accounts receivable decreases $ 700
D.  accounts receivable decreases and capital increases $ 700
Question 6   of 20 0.0 / 5.0 Points If beginning capital was $ 110,000 , ending capital is $ 95,000 , and the owner 's withdrawals were $ 10,000 , the amount of net income or net loss was __________.
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Question 7   of 20 5.0 / 5.0 Points BPK Industries has a net income for the period of $ 2,500 . The balance in the Owner ’s Capital account for the beginning of the period is $ 5,000 and the owner has withdrawn $ 1,650 for personal expenses . The balance in the Owner ’s Capital account at the end of the period will be __________.
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Question 8   of 20 5.0 / 5.0 Points The financial statement that shows business results in terms of revenue and expenses is __________.
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Question 9   of 20 5.0 / 5.0 Points An expense should be recorded when __ _ _ _ _____.
A.  the bill is paid
B.  the expense is incurred
C.  a bill is received in the mail
D.  None of the above answers are correct .
Question 5 of 205.0/ 5.0 PointsVic's Mart collects $700 of its accounts receivable. The expanded accounting equation impact is __________.A. cash and capital increase $700 B. cash and revenue increase $700 C. cash increases and accounts receivable decreases $700 D. accounts receivable decreases and capital increases $700
Question 6 of 200.0/ 5.0 PointsIf beginning capital was $110,000, ending capital is $95,000, and the owner's withdrawals were $10,000, the amount of net income or net loss was __________.
Question 7 of 205.0/ 5.0 PointsBPK Industries has a net income for the period of $2,500. The balance in the Owner’s Capital account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner’s Capital account at the end of the period will be __________.
Question 8 of 205.0/ 5.0 PointsThe financial statement that shows business results in terms of revenue and expenses is __________.

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