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Name Multiple Cholce Indieate the answer chokce that best completes the steme 1. If total assets decreased by $88,000 or answers the quesrion same period, a. $159,000 increase b. a $159.000 decrease then the amount and direction (increase or during a period of time and stockholders equity or decrease) of the Is change in sotal liabilities is d. an 588,000 decrease 2. 2200 This journal entry will a. increase Cash and decrease Common Stock b. increase Cash and increase Common Stock c. increase Common Stock and decrease Caslh d. decrease Cash and decrease Common Stock is recorded as an) 3. The amount of federal income taxes withheld from an ee's gross a. asset b, contra account e. liability d. payroll expense 4. Merchandise inventory at the end of the year was inadvertently overstated equity? correctly states the effect of the error on net income. assets, and a. net income is understated, assets are understated, and b. net income is overstated, assets are overstated, and stockholders' equity is overstated equity is overstated e. net income is understated. assets are understated, and stockholders' equity is understatesd and stockholders' equity is understated d. net income is overstated, assets are Unearned Fees ation for this journal entry? What is the best a. Received cash for services performed. b. Paid cash in advance for services to be performed. c. Received cash forservices to be performed in the fusure d. Performed services for which cash is owed

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