20. An asset is best described as: a. Inventory or equipment b. A physical piece of property that must be recorded at cost in the accounting records c. Cash or the right to receive cash in the future d. An economic resource that Will yield future benefits - GPT ANSWER e. An economic resource that lasts more than one year 21. In a Joumal Entry or T-account, debit entires cause: A. Increase in all counts B. Decrease in stock holders equity, decrease in liabilities, and decreases in assests C. Decrease in assets, Increase in liabilities, and increase in stock holders equity D. Decrease in liabilities, increase in assets, and increase in stock holders equity E. Increase in assets, decrease in liabilities, and decrease in stockholders equity - GPT ANSWER 22. SpaceX Company acquired a new rocket launcher for $300,000 and estimates that it will be in service for 10 years. What is the net book value of the launcher at the end of the second year? a. $60,000 b. $300,000 c. $0 d. $30,000 e. 240,000 - GPT ANSWER 23. Cash Dividends: a. Decrease net income on the income statement b. Decrease revenue on the income statement c. Decrease retained earnings on the statement of retained earnings - GPT ANSWER d. Increase expenses on the income statement je. Decrease common stock on the balance sheet 24. If accounts receivable has debit postings of $3600, credit postings of 7200 , and a normal ending balance of $10,800, what was its beginning balance? (hint: draw a T account) a. $14,400 25. An adjusting entry would never include which of the following accounts A. Acculamted Deprecation B. Unearned revenue C. Cash - GPT ANSWER" D. Pre Paid rent E. ? payable 26. Beginning cash balance was $90,000. At the end of the period, the balance was $105,000. total cash paid out during the period was $300,000 the amount of cash receipts was: a. BPT ANSWER -285.000