Which statement is incorrect? Select one: O a. Expense accounts are closed to Income Summary O b. Income Summary is closed to Capital Oc. Withdrawals are closed to Capital. O d. Revenue accounts are closed to Income Summary. e. Withdrawals are closed to Income Summary. The accounting principle that requires that transactions are expressed using units of money is the: Select one: O a Business Entity Principle. O b. Revenue Recognition Principle. Oc. Historical Cost Principle. O d. Going Concern Principle. Oe Currency Principle. When a company pays a lawyer in advance, the lawyer records the transaction as a[n): Select one: O a. increase in assets, and an increase in liabilities. O b. increase in assets, and a decrease in liabilities. Oc decrease in assets, and a increase in liabilities. Od decrease in assets, and a decrease in liabilities. Carla works 45 hours in a week in July. She is paid $11 per hour for regular hours and time-and-a-halt for overtime. Employees work a standard 40-hour week. Her gross pay is Select one: O a 577.50 O b. 522.50 O c 450.00 Od. 605.00 O. 495.00 An error is indicated if the following account appears on the post-dosing trial balance: Select one: O a. Accumulated Depreciation Office Equipment. O b. Depreciation Expense. Oc Office Equipment. O d. Patty O'Furniture, Captial. O. Salaries Payable. A place or location within an accounting system in which the increases and decreases in a specific asset, liability or owner's equity item is recorded and stored is called a(n): Select one: O a. Journal O b. Chart of accounts. OcTrial Balance Od Account Oe. None of the above. Your monthly payment to the bank is $1,000, interest being $950 and principal $50. After each payment is made, which of the following is true? Select one: O a Decrease cash by $1000, increase net worth by $50. O b. Decrease cash by $950, increase debt by $50. Oc Decrease cash by $1,000, decrease net worth by 51,000. d. Net worth decreases by $950. The Income Summary account is: Select one: O a. All of these answers are correct. Ob Used in the closing process to summarize the amounts of revenues and expenses OC. A temporary account Od the account from which the amount of the net income or loss is transferred to the owner's capital account. Oe. Not a permanent account