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On June 20, 2021, X Corporation declared and paid a $56,000 cash dividends. On June 20, 2021, X Corporation recorded the following in the accounting books: Debit $56,000 to Dividends, Credit $56,000 to Dividends Payable Debit $56,000 to Cash, Credit $56,000 to Dividends Payable O Debit $56,000 to Dividends Payable, Credit $56,000 to Cash O None of the above The following entry was recorded on October 25, 2021:* Credit Date October 25, 2021 Accounts and explanation Land Building Equipment Cash Notes Payable Common Stock Debit 1.000.000 600.000 400,000 150,000 650,000 1,200,000 The transaction above involves: The creation of an informal liability by $650,000 O A decrease in owner's equity by $1,200,000 The purchase of PPE for $2,000,000 None of the above On October 1, 2021, the owner invested $36,000 cash to start his business "X Company". During this month, the company performed services revenue of $15,000 out of which 65% were collected in cash. During this month also, the company received and paid $18,000 utilities bill and the owner withdrew $9,000 cash for personal use. Assuming no other transactions impacted the cash account, what is the balance in Cash on October 31, 2021? O $18,750 debit $21,750 credit $32,250 debit None of the above On November 1, 2021, X Company's balance in Accounts Receivable was $46,000 and in Service Revenue was $830,000. During November, the company rendered service revenue to customers for $80,000. out of which $26,000 were on account. During November also, the company collected $30,000 of the account receivable. Assuming no other transactions impacted the two accounts mentioned above account, what is the balance in Service Revenue on November 30, 2021? $884,000 credit $880,000 credit $910,000 credit None of the above On October 31, 2021. X Sole proprietorship paid $15,000 as October's salaries to its employees. This transaction would: Increase owner's equity by $15,000 O increase the balance in Salaries and Wages Expense by $15.000 Decrease the balance in Salaries and Wages Expense by $15,000 None of the above

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