Multiple Choice
The controller for Tires and More,Inc.has recorded the following transactions during the month: the owner established the business with a $20,000 investment on the 1st of the month;the company recorded $36,000 of revenue for tires and services provided during the month;and expenses of $22,000 were recorded for the month.What is the balance ofOwner's Equity at the end of the month,and is the balance a debit or a credit?
A) $34,000 debit.
B) $34,000 credit.
C) $20,000 credit.
D) $6,000 debit.
Correct Answer:

Verified
Correct Answer:
Verified
Q62: All sales transactions generate immediate cash.
Q63: Which of the following is a business
Q64: Generally,before Accounts Receivable is debited,it is credited.
Q65: The issue of deciding when to record
Q66: When a service has been performed,but no
Q68: Which of the following accounts should be
Q69: When a company has performed a service
Q70: Which of the following accounts is not
Q71: The controller for Tires and More,Inc.has recorded
Q72: Entering transactions into the journal is called