Which of the following is NOT a basic step in the accounting cycle? A [ ] Journalize and post adjusting entries B [ ] Analyze transactions by examining source documents C [ ] Prepare financial statements D [ ] Analysis of financial statements 2. Owner's equity of an economic entity is: A [ ] Initial investment into the business by the owner B [ ] Residual interest in the assets of the entity after deducting all its liabilities. C [ ] Residual assets in the business plus profits made or minus losses incurred and drawings made. D [ ] Both (A) and (C) 3. An output debit for GST is: A [ ] An amount of GST paid B [ ] An amount of GST received C [ ] The balance of GST to be paid D [ ] The balance of GST to be received 4. A company received cash from a customer in payment for future delivery services. The correct debit and credit entries are: A [ ] Dr Cash, Cr Unearned Delivery Fees B [ ] Dr Cash, Cr Delivery Fee Revenue C [ ] Dr Accounts Receivable, Cr Delivery Fee Revenue D [ ] None of the above