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Multiple Choice 1.0 point possible (graded, results hidden) Which of the following options is not included in the calculation for Retained Earnings? Dividends Expenses Assets Revenues Multiple Choice 1.0 point possible (graded, results hidden) Thomas Inc. paid Dividends of $1,000. What is the impact of this transaction? Increase Revenues by $1,000 Increase Cash by $1,000 Decrease Cash by $1,000 Decrease Revenues by $1,000 Multiple Choice 1.0 point possible (graded, results hidden) Everest \& Sons incurred expenses of $51,000 and had a net loss of ($11,000). What are the company's revenues? $52,000 $40,000 ($11,000) $62,000 Multiple Choice 1.0 point possible (graded, results hidden) Which of the following options would decrease Retained Earnings? Net Income Profits Net Losses Revenues Multiple Choice 1.0 point possible (graded, results hidden) What are assets? Amounts that belong on the income statement and show what the company has incurred in the process of earning revenues. Amounts earned by the company, not in the ordinary course of business. Economic resources that a company owns and that belong on the balance sheet. Amounts that a company owes and that belong on the balance sheet. Multiple Choice 1.0 point possible (graded, results hidden) Which of the following statements is true in regard to the Accounting Cycle? It does not include the preparation of financial statements. It is for unspecified time periods. It focuses on transactions. It is an unsystematic process. Multiple Choice 1.0 point possible (graded, results hidden) When a company journalizes the purchase of equipment using a notes payable, which account is debited? Accounts Receivable Cash Notes Payable Accounts Payable Equipment Multiple Choice 1.0 point possible (graded, results hidden) When a company journalizes the purchase of inventory with cash, which account is credited? Accounts Receivable Cash Inventory Expense Inventory Multiple Choice 1.0 point possible (graded, results hidden) Which of the following options does not have a normal credit balance? Payables Assets Liabilities Revenues Multiple Choice 1.0 point possible (graded, resuits hidden) Consider the following transaction: Sell $1,000 of services on account. What is the appropriate journal entry for this transaction? Debit Cash $1,000 and Credit Service Revenue $1,000 Debit Notes Payable \$1,000 and Credit Cash \$1,000 Debit Service Revenue $1,000 and Credit Cash $1,000 Debit Accounts Receivable $1,000 and Credit Service Revenue $1,000