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Testbank, Question 14 * Your answer is Incorrect. The receipt of payment for an account receivable: O has no effect on the accounting equation. O affects only the asset side of the accounting equation. O affects assets and equity. O affects assets and llabilities.Testbank, Question 17 Your answer Is Incorrect. If a transaction causes an asset account to decrease, which of the following effects of equal amount may also occur? An Increase in an equity account. O An increase in a liability account. O A decrease in a liability account. O A decrease in another asset account.Testbank, Question 32 Your answer Is Incorrect. In a manual accounting system, the journal(s) most likely to be used for a business that offers credit to its customers, is/are: O the general journal only. the credit sales journal only. O special journals: I.e. cash receipts, cash payments, credit purchases, credit sales and the general journal. O the cash receipts and credit sales journal.Testbank, Question 47 Your answer is incorrect. If total claims equal $950 000 and equity is $460 000, assets must be: O $950 000. O $490 000. O $590 000. O $460 000.Testbank, Question 34 X Your answer is Incorrect. A business paid $1255 for employees' wages at the end of the week. The debit and credit entries are: O debit equity $1255; credit wages expense $1255. O debit wages expense $1255; credit cash $1255. O debit cash $1255; credit equity $1255. debit wages expense $1255; credit wages payable $1255.Testbank, Question 25 * Your answer is Incorrect. A business owner withdraws $1000 from the business bank account for their own personal use. The effect of this transaction on the accounting equation Is: O decrease the asset cash; decrease the profit or loss. O Increase the asset cash; decrease equity. O decrease the asset cash; decrease equity. Increase the asset cash; Increase equity.Testbank, Question 18 " Your answer is incorrea. Some of MAC's transactions during the month of January are as follows, Which transaction, If any, Is recognized as an expense for the month of Januaryt O Purchased a motor vehicle for $25 030 ergh. Paid a supplier $200 for goods purchased on credit in November. Purchased stationery to the value of $125 on credit, to be paid for in February. O paid $10 0oo off a loan obtained during December