Reference no: EM132624210
The T-accounts have the following balances:
Problem 1: What must the balance of the Capital account be for the fundamental accounting equation to balance?
Group of answer choices
Option 1: debit balance of $17,000
Option 2: credit balance of $18,000
Option 3: credit balance of $17,000
Option 4: credit balance of $16,000
Problem 2: When revenues are earned, the owner's equity is effectively
Group of answer choices
Option 1: increased
Option 2: decreased
Option 3: not affected
Problem 3: What must Liabilities be to ensure the fundamental accounting equation is balanced?
Group of answer choices
Option 1: debit of 31,000
Option 2: credit of 31,000
Option 3: credit of 14,000
Option 4: debit of 14,000