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investments increase owner's equity. Withdrawals owner's equity Increase. o. Decrease c. Either increase or decrease d. Have no effect on 40. Income summary is used for what type of entries? a. Regular b. Closing c. Adjusting d. All of the above 41. The capital account is a. A permanent account b. A temporary account c. An asset account d. An income statement account 42. A company purchased 130 units for 530 each on January 31. It purchased 150 units for $35 eath sold 150 units for $80 each from March 1 through December 31. if the compar first-im, first-out inventory costing method, what is the amount of Cost of Goods Sold or on February 28, It nt for the year ending December 31? (Assume thet the company uses a the income stateme perpetual inventory system.) a. $3,900 b. $5,250 c $4,600 d. $9,150 43. The following information is available for luno Company for the month ending June 30, 2019: Balance as per the bank statement is S 11,500. Balance as per books is $10,300, . Check #506 for $1,400 and check #510 for $900 were not shown on the June 30, bank . A deposit in transit of $3,218 had not been received by the bank when the bank statement wa generated A bank debit memo indiceted an NSF check for $100 written by Jane Smith to Juno Company a June 13 A bank credit memo indicated a note colected by the bank of $2,200 and interest revenue of : $53 on June 20 The bank statement indicated service charges of $35. What is the adjusted book balance? a. $12,453 b. $12,418 $8,053 d $8,000 61Page

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