ASAP. Multiple choice no explanation required. Thank you so much! :) Question 1 (1 point) When recording a journal entry, the account to be _______________ is always entered first. The account to be _____________________ is indented. Question 1 options: A)largest amount B)debited; credited C)credited; debited D)does not matter Question 2 (1 point) Saved Select the source document which has most likely been received by the accounting clerk as a result of the following journal entry: debit Supplies, credit Accounts Payable. Question 2 options: A)Cheque copy B)Sales invoice C)Purchase invoice D)Cash receipts list Question 3 (1 point) Assume that HST is 13%. A business makes a cash sale of $240. Which statement is false? Question 3 options: A)The Sales account would be credited $240. B)The business has an incentive to keep track of the HST paid in this transaction. C)The HST Payable account would be debited. D)The HST charged would be $31.20. Question 4 (1 point) Choose the correct statement concerning the format of the journal. Question 4 options: A)The accounts to be debited are indented. B)In every journal entry, debits must equal credits. C)The month is entered only at the top of each page. D)Explanations for revenue-based transactions may be omitted. Question 5 (1 point) What kind of account is HST payable? Question 5 options: A)Liability B)Asset C)Expense D)Revenue Question 6 (1 point) Which of the following statements about the journal is incorrect? Question 6 options: A)It presents the financial position of the business. B)It provides a chronological record of business transactions. C)It is the book of original entry. D)It can be used as a reference to verify information in the ledger. Question 7 (1 point) A business received a credit advice from its bank. When this transaction is recorded, which of the following will most likely be the account credited? Question 7 options: A)Accounts Payable B)Interest Earned C)Drawings D)Bank Charges Question 8 (1 point) Select the false statement. Question 8 options: A)Receiving a bank debit advice results in the business crediting its bank account. B)When a business receives payment from customers by cheque, the cheques act as the source documents. C)The vendor issues a purchase invoice. D)Serial numbers on invoices help with the controlling function of accounting. Question 9 (1 point) A business had the following balances on the day it was to remit HST to the government: HST Recoverable $3150; HST Payable $4618. How much does it owe the government? Question 9 options: A)$1468 B)$4618 C)$7768 D)$3150 Question 10 (1 point) The correct journal entry for a business remitting harmonized sales tax to the government would be Question 10 options: A)debit Tax Expense, credit HST Payable. B)debit Bank, credit HST Payable. C)debit HST Payable, credit Bank. D)debit Tax Expense, credit Bank. Question 11 (1 point) Which of the following is not an owner's equity account? Question 11 options: A)P. Halpert, Capital B)Taxes Payable C)Bank Charges D)Fees Earned Question 12 (1 point) Which of the following statements concerning fiscal periods is true? Question 12 options: A)All fiscal periods for a business are of the same length. B)Fiscal periods may be for less than one year. C)The fiscal period is identified in the heading of the income statement. D)All of the above are true. Question 13 (1 point) The income statement would include all of the following except Question 13 options: A)the total amount received as revenue. B)the financial position of the business. C)the total amount of expenses incurred. D)the net income or net loss of the business. Question 14 (1 point) The formal fiscal period is Question 14 options: A)three months in length. B)the same as the calendar year. C)variable; it depends on the size of the business. D)one year in length. Question 15 (1 point) The reason that an expense is recorded by a debit entry is Question 15 options: A)expenses involve a credit to Bank. B)debits must equal credits. C)the expense decreases owner's equity. D)expenses must be matched with their corresponding revenue. Question 16 (1 point) At the beginning of the year, the owner's capital was $34 000. At the end of the year, capital was $31 600. If the business lost $1000 during the year, how much were drawings? Question 16 options: A)$2400 B)$600 C)$1400 D)$3400 Question 17 (1 point) Which of the following accounts would normally have a debit balance? Question 17 options: A)owner's equity B)liabilities C)expenses D) A and C Question 18 (1 point) A listing of the accounts and their numbers is referred to as Question 18 options: A) a balance sheet. B) a chart of accounts. C) a ledger. D) a fundamental accounting chart. Question 19 (1 point) A business performed a service on account. The transaction should be recorded by a Question 19 options: A) debit to Accounts Payable and a credit to Drawings. B) debit to Revenue and a credit to Accounts Payable. C) debit to Accounts Receivable and a credit to Revenue. D) debit to Accounts Receivable and a credit to Capital. Question 20 (1 point) Saved According to the matching principle, Question 20 options: A) a business must have an equal number of revenue and expense accounts. B) expenses must be recorded in the same time period as the revenue they helped to earn. C) assets must equal liabilities plus owner's equity. D) debits must equal credits