Complete the statement correctly, "every adjusting entry affects...... a. Income statement accounts only b. Balance sheet accounts only Both income statement and balance shoot accounts of ownersaulty accounts Time left 2:43:56 Question 2 Not yet answered Marked out of 1,0 Flag question Mirab Company is a merchandising business. le purchases an item for $90 and sells il to a customer for $110. The customer paid $60 cash and $50 is owing. In this scenario, Mirab should record the cost of merchandise sold amount for how much? Ob S90 c. 110 O d. $50 Previous page The monthly bank statement included an NSF cheque for the month. When performing the bank reconciliation, this amount would be: Added to the company's record's balance O b. Subtracted from the company's record's balance Oc. Added to the bank statement balance Od Subtracted from the bank statement balance marked Out OO Flag question On February 7, Rabbie's Repair Service extended an offer of $68,000 for land that had been priced for sale at $74.000. On February 21, Rabbie's Repair Service accepted the seller's counteroffer of $72,000. On April 30, the land was assessed at a value of $110.000 for property tax purposes. On August 30, Rabbie Repair Service was offered $120,000 for the land by a national retail chain. At what value should the land be recorded in Rabbie Repair Service's records $110.000 O b. $74,000 O c. $72.000 O d. $120,000 Not yet answered Marked out of 1.0 P Fla An Income statement includes: O a. rent revenue O b. tand accounts payable O d. motor vehiclo Previous page