54.Which of the following accounts normally does
not
have a debit balance?
A. Accounts receivable.
B. Cash.
C. Building.
D. Capital Stock.
55.On June 18, Baltic Arena paid $6,600 to Marvin Maintenance, Inc. for cleaning the arena following a monster truck show. Which of the following most likely occurred as a result of this transaction?
A. The accounts receivable account was debited.
B. Total assets increased.
C. The cash account was credited.
D. Total liabilities increased.
56.Refer to the information above. What is the balance in the Cash account at the end of March?
A. $283,000.
B. $343,000.
C. $318,000.
D. $378,000.
57.Refer to the information above. What are total assets of Quality Galleries at the end of March?
A. $283,000.
B. $162,000.
C. $445,000.
D. $480,000.
58.Refer to the information above. What is the balance in the Note Payable account at the end of March?
A. $120,000.
B. $85,000.
C. $35,000.
D. $155,000.
59.Refer to the information above. What is the total owners' equity at the end of March?
A. $283,000.
B. $445,000.
C. $480,000.
D. $360,000.
60.Refer to the information above. What is the balance in the Cash account at the end of May?
A. $210,000.
B. $390,000.
C. $600,000.
D. $810,000.
61.Refer to the information above. What are total assets of Hunter Products at the end of May?
A. $913,000.
B. $790,000.
C. $853,000.
D. $916,000.
62.Refer to the information above. What is the total of Hunter Products' liabilities at the end of May?
A. $253,000.
B. $190,000.
C. $63,000.
D. $313,000.
63.Refer to the information above. What is the total owners' equity at the end of May?
A. $810,000.
B. $600,000.
C. $790,000.
D. $660,000.