Which of the following is true?
A. Owners' Equity - Assets = Liabilities
B. Assets =Liabilities + Owners' Equity
C. Assets +Liabilities = Owners' Equity
D. Liabilities = Owners' Equity + Assets
Tony's Company paid $2 200 on account. The effect of this transaction on accounting equation is to ().
A. decrease liabilities and increase stockholders' equity
B. decrease assets and decrease liabilities
C. have no effect on total assets
D. decrease liabilities and decrease stockholders' equity
Which of the following statements is false?
A. Decreases in assets and increases in stockholders' equity are recorded with a credit.
B. Increases in both assets and expenses are recorded with a debit.
C. Increases in assets and decreases in liabilities are recorded with a debit.
Decreases in liabilities and increases in revenues are recorded with a credit.
The journal entry to record the perfermance of services on account for $1 200 is ().
A. Dr: Accounts Payable1 200Cr: Service Revenue1 200
B. Dr: Accounts Receivable1 200Cr: Service Revenue1 200
C. Dr: Cash1 200Cr: Service Revenue1 200
Dr: Service Revenue1 200Cr:Accounts Payable1 200
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