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In: AccountingQuestion 3Not yet answeredMarked out of 1.00Flag questionQuestion textWhich of the...Question 3Not yet answeredMarked out of 1.00Flag questionQuestion textWhich of the following is the correct order of the steps in theaccounting cycle?Select one:A. Report, analyze, close, record, and adjustB. Adjust, report, analyze, record, and closeC. Record, report, analyze, adjust, and closeD. Analyze, record, adjust, report, and closeeBookPrintQuestion 4Not yet answeredMarked out of 1.00Flag questionQuestion textCash collected on accounts receivable would produce what effecton the balance sheet?Select one:A. Decrease assets and decrease liabilitiesB. Decrease liabilities and increase equityC. Increase assets and decrease assetsD. Increase liabilities and decrease equityeBookPrintQuestion 5Not yet answeredMarked out of 1.00Flag questionQuestion textWhich of the following is one effect of a purchase of $600 ofsupplies on credit?Select one:A. It would decrease retained earnings $600B. It would decrease liabilities by $600C. It would increase liabilities by $600D. It would decrease cash assets by $600eBookPrintQuestion 6Not yet answeredMarked out of 1.00Flag questionQuestion textAn economic event that requires accounting recognitiondefines:Select one:A. The cost principleB. An income statementC. An assetD. An accounting transactioneBookPrintQuestion 7Not yet answeredMarked out of 1.00Flag questionQuestion textWhich of the following does not affect stockholders'equity?Select one:A. Purchasing equipment with payment due in 30 daysB. Receiving an investment of cash from an ownerC. Selling goods to customers with payment due in 30 daysD. Paying wages to employeeseBookPrintQuestion 8Not yet answeredMarked out of 1.00Flag questionQuestion textWhich of the following decreases stockholders' equity?Select one:A. Paying monthly rent in cashB. Issuing shares of stockC. Paying cash to settle an account payableD. Purchasing equipment for casheBookPrintQuestion 9Not yet answeredMarked out of 1.00Flag questionQuestion textThe declaration and payment of a dividend by a corporationcauses:Select one:A. A decrease in assets and a decrease in retained earningsB. A decrease in assets and a decrease in liabilities.C. A decrease in assets and an increase in retained earningsD. A decrease in assets and a decrease in common stockeBookPrintQuestion 10Not yet answeredMarked out of 1.00Flag questionQuestion textThe normal balance of an account is:Select one:A. The side on which increases are recordedB. The debit sideC. The credit sideD. The side on which decreases are recordedeBookPrintQuestion 11Not yet answeredMarked out of 1.00Flag questionQuestion textWhich of the following accounts normally has a creditbalance?Select one:A. Notes PayableB. DividendsC. Rent ExpenseD. Accounts ReceivableeBookPrintQuestion 12Not yet answeredMarked out of 1.00Flag questionQuestion textWhich of the following accounts normally has a debitbalance?Select one:A. Service Fees EarnedB. Accounts PayableC. Common StockD. Dividends