soo confused please help

1- While looking through General Wellness Company's financials, you notice that the previous bookkeeper mistakenly debited Utility Expenses rather than Telephone Expense when recording a bill for $1,500 for the May telephone service. Fix a general journal entry to correct the error.

a. debit Telephone Expense 1,500, credit Cash 1,500

b. debit Telephone Expense 1,500, credit Cash 1,500

c. debit Utilties Expense 1,500, credit Cash 1,500

D. debit Telephone Expense 1,500, credit Utilties Expense 1,500

2- A company reported net income for the year. What effect does this have on the owner's equity?

A. has no effect

B. raws down owner's equity

C. decreases owner's equity

D. increasing owner's equity

3- All of the following are part of an accounting system except:

A. all of the above

B. accumulate data about a company's financial affairs

C. summarize financial data in periodic reports called financial statements

D. classify the financial data in a meaningful way

4- A general ledger is:

A. Both a permanent, classified, and a record of final entry

B. The record of the original entry

C. A permanent, classified record of all accounts used in a firm's operation

D. A record of final entry

5-The fundamental (basic) accounting equation says assets = liabilities - owner's equity.

A.True

B. False

6- To calculate the statement of owner's equity you need to:

A. add assets to the beginning owner's capital and then subtract any draws by the owner

B. subtract expenses from revenue, add the result to owner's capital and then subtract any draws by the owner

C. add liabilities to the beginning owner's capital and then subtract any draws by

D. add revenue to the beginning owner's capital and then subtract any draws by the owner

7- Breakeven is the point where a company's expenses are greater than its revenue.

Group of answer choices

A. True

B. False

8- A company reported total assets of $118,000. Its liabilities totaled $54,000. According to the fundamental accounting equation, the owner's equity must be:

A. 54,000

B. 60,000

C. 64,000

D. need more information

12- A company's income statement shows:

A. a company's assets

B. net income, a net loss or breakeven

C. revenue less expenses and net income, net loss, or breakeven

D. revenue minus its expenses

13- The difference between a sole proprietorship and a corporation is that a corporation can be public or privately owned and is a separate entity from its owners, can own property, can do business in its own name, and its stockholders are not responsible for debts and taxes of the business; whereas a sole proprietorship is owned by a single person who is legally responsible for the debts and taxes of the business.

A. True

B. False

14- Dr. Raymond Connelly started his dental practice six months ago. He reported the following transactions:

Owes $19,000 to the Acme Equipment Company

Has a cash balance of $7,700

Have dental supplies valued at $3,550

Owes $4,100 to The Furniture Store

Has dental equipment of $27,850

Has office furniture of $4,500

Based on this information, Dr. Connelly has assets of:

A. 43,600

B. 27,850

C. 19,000

D. 23,100

15- Based on the information provided, Dr. Connelly's liabilities equal:

A. 19,000

B. 4,100

C. 23,100

D. 46,850

18- A firm bought furniture using cash, sold services for cash, and sold services to a customer giving them 30 days to pay. During that time, the company paid cash to a creditor and bought equipment on credit. Which answer correctly reflects the impact on the company's assets, liabilities, and owner's equity?

A. Liabilities will increase, assets will decrease and no effect on the owner's equity.

B. The company's assets and liabilities will increase. The assets will increase the owner's equity while liabilities will decrease the owner's equity.

C. Need more information to answer this question.

D. Assets increase resulting in an increase in owner's equity.

19- True or False? The "when" in a company's balance sheet shows the assets, liabilities and owner's equity on a single date, whereas the income statement and statement of owner's equity "when" refers to a period of time.

A. True

B. False

20- Examples of permanent accounts include which of the following:

A. salaries expense, owner's equity, cash, furniture

B. salaries expense, advertising expense and fee income, utilities expense

C. only the owner's equity and cash are considered permanent accounts

D. office equipment, cash, accounts payable, computer hardware, owner's equity

21-A company reported revenues of $111,987 and expense totaling $46,350. Based on this information, the company had a net profit of:

A. $65,637

B. Need more information

C. $65,376

D. $65,736

22- The statement of owner's equity shows which of the following information?

A. The expenses of the company

B. charges that affect the owner's financial interest and any owner withdrawals from the company

C. the changes that occurred in the owner's financial interest during a reporting period

D. any withdrawals made by the owner during a reporting period

24-The purpose of the trial balance is to test the accuracy of the total debits and credits after transactions have been recorded.

A. True

B. False

25-The fundamental accounting equation for Superior Consulting looked like this:

Assets $155,000

Liabilities $45,000

Owner's Equity $55,000

Superior must have recorded net income (revenue minus expenses) of:

A. $10,000

B. $45,000

C. $55,000

D. $100,000