1. ______ Borrowing money from a bank a. Increases assets and decreases liabilities b. Increases liabilities and decreases assets c. Decreases assets and decreases liabilities d. Increases assets and increases liabilities 2. ______ Which of the following accounts would normally NOT have a credit balance? a. Accounts Payable b. Cost of Goods Sold c. Sales Revenue d. Retained Earnings 3. ______ When previously declared dividends are paid, a. Assets are decreased and liabilities are decreased b. Assets are increased and owners' equity is increased c. Assets are decreased and owners' equity is increased d. Assets are decreased and owners' equity is decreased 4. 10. ______ Given the following data, what is the amount in the supplies account to be shown as an asset on the balance sheet at the end of the period? Supplies (beginning of period) $500 Supplies purchased (during period) 425 Supplies used (during period) 375 a. $350 b. $550 c. $375 d. $425