QUESTIONS Which one of the following represents the "expanded" accounting equation? O A. Assets =...
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QUESTIONS Which one of the following represents the "expanded" accounting equation? O A. Assets = Liabilities + Owner's Capital - Owner's Drawings + Revenue - Expenses. O B. Assets = Revenues + Expenses - Liabilities. O C. Assets - Liabilities - Owner's Drawings = Owner's Capital + Revenues - Expenses. O D. Assets - Owner's Drawings - Expenses = Liabilities + Owner's Capital + Revenues, QUESTION 10 Moda, Capital account has a credit balance of $56,300 before closing entries are made. Total revenues withdrawals are $12,600. What is the correct closing entry for the revenue accounts? O A. Debit Revenue accounts $56,300; credit Moda, Capital $56,300. O B. Debit Income Summary $56,300; credit Moda, Capital $56,300. O C. Debit Revenue accounts $73,100; credit Income Summary $73,100. O D. Debit Revenue accounts $73,100; credit Moda, Capital $56,300. QUESTION 11 Net loss: O A. Represents the amount of assets owners put into a business. O B. Is reported when revenues are larger than expenses. OC. Equals assets minus liabilities. O D. Decreases equity. QUESTION 12 Prepaid expenses are usually initially recorded under liabilities account. O True O False
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