Question: 1.A transaction caused an increase in assets and an increase in liabilities. This transaction could have been: A.Purchase of office equipment with cash. B.Year-end accrual

1.A transaction caused an increase in assets and an increase in liabilities. This transaction could have been:

A.Purchase of office equipment with cash.

B.Year-end accrual of interest due on a note payable.

C.Repayment of a bank loan.

D.Cash received in advance for services to be performed next month.

2.Copley Company began the year with retained earnings of $341. During the year, the Copley Company recorded revenues of $857, expenses of $396, and declared and paid dividends of $228. What was Copley Company's retained earnings at the end of the year (after making the closing entries)?

A.$970

B.$1,030

C.$802

D.$574

E.$233

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