beach at Mimi lsland. The workshop cost $10,000, including air fare, meals, and lodging The firm charged the cost of the trip with a local travel agency. Recording the transaction requires a)an asset to be debit liability to be credited b)a liability to be debi asset to be credited c)an expense to be debited, a liability to be credited d)an asset to be debited revenue to be credited 3. James Linch deposited $6,000 in a bank account he established for a pet store that he is going to own and operate as Linch's Pets Co Recording the deposit will a)increase an asset, increase a liability b)decrease an asset, decrease a liability c)increase an asset, increase owner's equity d)decrease an asset, decrease owner's equity 4. Total assets less total liabilities are known as a) owner's equity or net assets b)net income or net loss c)total expenses d)total revenue 5. When preparing the work sheets for the Tony Brothers Co., you find out that the subtotals of the income statement columns of the work sheet are $6, 200 and $4, 900 respectively. If the subtotal of the Balance Sheet Debit column is $19,000, then you figure out that the subtotal of the balance sheet credit column should be a)S20,300 b)S1,300 c)S17,700 d)S144 6. The bookkeeper recorded a check at $450 for store supplies. the check was recorded by the bank at its correct amount of $540. The bank reconciliation will require a(an a)addition per book balance of cash b)deduction per book balance of cash c)addition per bank statement balance d) deduction per bank statement balance 7. Nina Company issues ten-year bonds with a par value of $100,000, 8%annual interest, were sold for $106,000 on September 30, when the market rate of interest was 7%.The issuer uses straight-line amortization of premium. The December 31, year-end adjusting entry for accrued interest will include a a)debit to Interest Payable for $2,000 b)credit to Interest Payable for $1,850beach at Mimi Island. The workshop cost $10,000, including air fare, meals, and lodging. The firm charged the cost of the trip with a local travel agency. Recording the transaction requires a) an asset to be debited, a liability to be credited b) a liability to be debited, an asset to be credited c) an expense to be debited, a liability to be credited d) an asset to be debited, revenue to be credited 3. James Linch deposited $6,000 in a bank account he established for a pet store that he is going to own and operate as Linch’s Pets Co. Recording the deposit will a) increase an asset, increase a liability b) decrease an asset, decrease a liability c) increase an asset, increase owner's equity d) decrease an asset, decrease owner's equity 4. Total assets less total liabilities are known as a) owner's equity or net assets b) net income or net loss c) total expenses d) total revenue 5. When preparing the work sheets for the Tony & Brothers Co., you find out that the subtotals of the Income Statement columns of the work sheet are $6,200 and $4,900, respectively. If the subtotal of the Balance Sheet Debit column is $19,000, then you figure out that the subtotal of the Balance Sheet Credit column should be a) $20,300 b) $1,300 c) $17,700 d) $14,400 6. The bookkeeper recorded a check at $450 for store supplies. The check was recorded by the bank at its correct amount of $540. The bank reconciliation will require a(an) a) addition per book balance of cash b) deduction per book balance of cash c) addition per bank statement balance d) deduction per bank statement balance 7. Nina Company issues ten-year bonds with a par value of $100,000, 8% annual interest, were sold for $106,000 on September 30, when the market rate of interest was 7%. The issuer uses straight-line amortization of premium. The December 31, year-end adjusting entry for accrued interest will include a: a) debit to Interest Payable for $2,000 b) credit to Interest Payable for $1,850