Multiple Choice
Which of the following does not correctly describe the following journal entry? Supplies
Cash
A) Total assets do not change.
B) The transaction is an example of a deferral.
C) Stockholders' equity decreases.
D) Net income is not affecteD.This journal entry increases and decreases two different asset accounts; there is no impact on stockholders' equity.
Correct Answer:

Verified
Correct Answer:
Verified
Q27: Which of the following best describes the
Q52: Income taxes incurred but not yet paid
Q56: What is the effect on the financial
Q56: Closing the revenue and gain accounts at
Q77: The total asset turnover ratio is computed
Q101: Which of the following does not
Q103: On January 1, 2014 the balance in
Q106: The year-end closing process transfers net income
Q107: The adjusting entry to record accrued revenues
Q107: On November 1, 2014, Bug Busters collected