Current Attempt in Progress The going concern assumption states that a company will not operate long enough to utilize assets and fulfill obligations. O states that net worth is the most appropriate value at which to record assets. assumes the company will continue to operate in the foreseeable future. O is inconsistent with the historical cost measurement method. Save for Later Attempts: 0 of 1 used Submit AnswerCurrent Attempt in Progress The main objective of the financial statements is O to show the profit of a company. O to provide useful information to investors and creditors to make decisions about a business. O to allow customers to determine whether a company will honour its product warranties. O to determine how many employees the company can afford to hire each year. Save for Later Attempts: 0 of 1 used Submit AnswerCurrent Attempt in Progress Shareholders' equity in a corporation is increased by O liabilities. O shareholder purchase of newly issued common shares. payment of dividends. O an expense. Save for Later Attempts: 0 of 1 used Submit AnswerView Policies Current Attempt in Progress In terms of the expanded accounting equation, the income statement is prepared from the data in the ' liabilities column. ' owner's equity column. ' assets column. A, O O O J liabilities and owner's equity column. Ssve for Later Attempts: 0 of 1 used View Policies Current Attempt in Progress An awareness of the normal balances of accounts would help you spot which of the following as an error in recording? O a credit balance in an expense account O a credit balance in a liabilities account O a debit balance in an asset account O a credit balance in a revenue account Save for Later Attempts: 0 of 1 used Submit AnswerCurrent Attempt in Progress A trial balance would help in detecting which one of the following errors? O a transposition error when transferring the debit side of a journal entry to the ledger. O offsetting errors made in recording the transaction. O a journal entry that is posted twice. O a transaction that is not journalized. Save for Later Attempts: 0 of 1 used Submit AnswerCurrent Attempt in Progress Ladybug Creamery is producing its first financial statements for its bank. The trial balance does NOT balance. The company should O increase one of the larger accounts so that the trial balance will balance. ask the bank for more time to find the error. create a new account called "Suspense" and use it to balance the trial balance. give the incorrect trial balance to the bank. Save for Later Attempts: 0 of 1 used Submit AnswerJournalize the following business transactions in general journal form. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Received $32,500 cash as investment from Clay Anderson, the company's owner. 2. Purchased equipment for $52,000, paying $19,500 in cash and giving a note payable for the remainder. 3. Paid $3,900 for a one-year insurance policy. 4. Billed customers for $29,250 of services provided on account. 5. Paid monthly rent of $1,950. 6. Performed $8,450 of services and immediately received $8,450 cash. 7. Collected $2,600 from customers on account. 8. Hired a secretary. 9. Paid the secretary his first week's salary of $910. No. Account Titles Debit Credit 1. 2. 3.Bramble Engineering Services is owned by Francois Bramble. Here is a listing of financial statement items for the business for the year ended December 31, 2024. Cash $960 Accounts receivable 1,344 Supplies 576 Equipment 5,952 Accounts payable 776 Salaries payable 440 F. Bramble, capital January 1, 2024 6,240 F. Bramble, drawings 4,224 Service revenue 14,264 Rent expense 4,608 Salaries expense 2,976 Supplies expense 752 Utilities expense 328Question \"lO of \"I O