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Multiple Choice (2 points each) Circle the best answer to each of the following questions. On September 1, Trader Joe's purchased $1,000,000 worth of merchandise inventory on credit. On September 14, Trader Joe's paid $1,000,000 cash related to this purchase. 1. The journal entry to record the September 1 transaction will have the following effect on Trader Joe's financial statements: a. Total Stockholders' Equity will decrease by $1,000,000. b. Total Expenses will increase by $1,000,000 c. Total Assets will decrease by $1,000,000. d. Total Liabilities will increase by $1,000,000. 4. None of the above. 2. The journal entry to record the September 14 transaction will have the following effect on Trader Joe's financial statements: a. Total Stockholders' Equity will decrease by $1,000,000 b. Total Expenses will increase by $1,000,000. c. Total Assets will decrease by $1,000,000. d. Total Liabilities will increase by $1,000,000. c. None of the above 3. Which of the following statements is TRUE? a. If a company collects a cash deposit of $40,000 for services not yet performed, the journal entry to record this transaction will cause Net Income to increase b. If a company provides service and bills its client $40,000, the journal entry to record this transaction will cause Total Assets to increase. c. If a company pays $40,000 for inventory previously purchased on account, the journal entry to record this payment will cause Total Liabilities to increase. d. None of the above