NEED ANSWERS ASAP Question 11 At September 1, Foli Co. reported retained earning

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NEED ANSWERS ASAP

Question 11

At September 1, Foli Co. reported retained earnings of $136,000. During the month, Foli generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and paid dividends of $2,000. What is the amount of retained earnings at September 30?

$136,000

$142,000

$8,000

$137,000

3 points

Question 12

Grayton Industries purchased supplies for $1,000. The Company paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $500. Which of the following would be the correct way to complete the recording of the transaction?

Credit an asset account for $500.

Credit the Retained Earnings account for $500.

Credit another liability account for $500.

Debit the Retained Earnings account for $500.

3 points

Question 13

Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction?

Credit an asset account for $400.

Credit another liability account for $400.

Credit the retained earnings account for $400.

Debit the retained earnings account for $400.

3 points

Question 14

A credit to a liability account

must be accompanied by a debit to an asset account.

indicates an increase in the amount owed to creditors.

is an error.

indicates a decrease in the amount owed to creditors.

3 points

Question 15

In recording business transactions, evidence that an accounting transaction has taken place is obtained from

business documents.

the Internal Revenue Service.

the public relations department.

the SEC.

3 points

Question 16

On June 1, Leno Inc. buys a copier machine for her business and finances this purchase with cash and a note. When journalizing this transaction, the company's accountant will

make a simple entry.

use two journal entries.

make a compound entry.

list the credit entries first, which is proper form for this type of transaction.

$136,000

$142,000

$8,000

$137,000

Explanation / Answer

11) $ 137,000

12) Credit the retained earnings account for $ 500

13) Credit the retained earnings account for $ 400

14) must be accompanied by a debit to an asset account and indicates an increase in the amount owed to   creditors.

15) Business Documents

16) make a Compound entry

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