ASAP no explanation needed jus multiple choice Question 1 (1 point) A debit to HST Recoverable would mean a business Question 1 options: A)purchased an item and paid HST. B)sold an item and collected HST. C)remitted HST owing to the government. D)None of the above. Question 2 (1 point) A cash sales slip is handed to the accounting clerk as evidence of a cash sale. The correct journal entry should be Question 2 options: A)debit Bank, credit Accounts Receivable. B)debit Sales, credit Cash. C)debit Sales, credit Bank. D)debit Bank, credit Sales. Question 3 (1 point) The accounting entry for a sales invoice is Question 3 options: A)debit Sales, credit Accounts Payable. B)debit Sales, credit Bank. C)debit Accounts Receivable, credit Sales. D)debit Accounts Payable, credit Sales. Question 4 (1 point) Cheques which have arrived by mail would be recorded in the source document called the Question 4 options: A)Cash receipts daily summary B)Cash sales C)cheque copy D)Point of sales Question 5 (1 point) The correct journal entry for a business remitting harmonized sales tax to the government would be Question 5 options: A)debit Tax Expense, credit Bank. B)debit Bank, credit HST Payable. C)debit Tax Expense, credit HST Payable. D)debit HST Payable, credit Bank. Question 6 (1 point) A business purchased a new building three years ago for $685 000. Recently, the business was offered $740 000 for the building. A real estate agent suggested that the building was actually worth $780 000. According to accounting standards, what should be the value of the building in the balance sheet to be issued today? Question 6 options: A)$685 000 B)$740 000 C)$780 000 D)$760 000 (average of B and C) Question 7 (1 point) Which of the following would not be a possible debit entry as a result of a transaction involving a cheque copy? Question 7 options: A)debit to Bank B)debit to Car Expense C)debit to Supplies D)debit to Accounts Payable Question 8 (1 point) The journal entry for a sales invoice will always be a debit to _____________________ and a credit to _______________________ Question 8 options: A)Accounts Payble; Revenue B)Revenue; Accounts Payable C)Revenue; Accounts Receivable D)Accounts Receivable; Revenue Question 9 (1 point) A purchase invoice was received by a business. The journal entry for this transaction could be Question 9 options: A)debit Accounts Receivable, credit Sales. B)debit Bank, credit Sales. C)debit Accounts Payable, credit Equipment. D)debit Supplies, credit Accounts Payable. Question 10 (1 point) Which of the following statements concerning the purchase invoice is false? Question 10 options: A)All journal entries for purchase invoices are the same. B)The name of the vendor is usually printed at the top of the invoice. C)The account credited is always Accounts Payable. D)Terms of the sale are usually found on the invoice. Question 11 (1 point) Which of the following statements concerning drawings is false? Question 11 options: A)Cash withdrawn by the owner should be debited to Drawings. B)The Drawings account is usually debited. C)Drawings does not affect net income. D)Equipment for business use purchased using the owner's personal money should be debited to Drawings. Question 12 (1 point) Repair work was done for a customer. $100 cash was received, with the remaining $240 due 25 days later. In recording this transaction, the accountant should Question 12 options: A)debit the Bank account $340. B)debit Accounts Payable $240. C)credit the Revenue account $340. D)credit the Revenue account $140. Question 13 (1 point) A business received a bill for advertising on the local radio station. The business was allowed 30 days to pay. This transaction should be recorded as a Question 13 options: A)debit to Advertising Expense and a credit to Bank. B)debit to Capital and a credit to Accounts Receivable. C)debit to Advertising Expense and a credit to Accounts Payable. D)debit to Accounts Payable and a credit to Capital. Question 14 (1 point) The owner's equity is decreased by Question 14 options: A)a credit to an expense account. B)a debit to an asset account. C)a credit to a revenue account. D)a debit to a drawings account. Question 15 (1 point) The number 410 indicates which type of account? Question 15 options: A)Expense B)Revenue C)Liability D)Asset Question 16 (1 point) Accounting work was done for a client with 30 days given for payment. Accounts Receivable was debited and Revenue was credited. The business was following Question 16 options: A)the matching principle. B)the fiscal period concept. C)the time period principle. D)the revenue recognition principle. Question 17 (1 point) At the beginning of the year, the owner's capital was $28 000. At the end of the year, capital was $36 000. If drawings were $3000, how much was net income? Question 17 options: A)$28 000 B)$11 000 C)$5000 D)$8000 Question 18 (1 point) A business purchased a new delivery van for cash. In this case, the account to be debited is Question 18 options: A)Vehicle Expense. B)Cash. C)Accounts Payable. D)None of the above. Question 19 (1 point) Identify the transaction that is not an expense for a business. Question 19 options: A)payment for new office chairs B)payment of salaries to employees C)payment for gasoline for delivery truck D)payment of telephone bill Question 20 (1 point) The owner started the business with $40 000, earned $3500 net income during the year, and had drawings of $1400. Question 20 options: A)$42 100 B)$44 900 C)$4900 D)$43 500