Payments made for products and services Classified as liabilities on the balance Decreases in retained earnings Assets that represent prepayments of future expenses Question 15. Question: A company has twice as much owner ' s equity as it does liabilities. If total liabilities are $ 50,000, what amounts of assets are owned by the company?
$ 50,000 $ 100,000 $ 150,000 $ 200,000
Question 16. Question: The main purpose of adjusting entries is to: Record external transactions and events Record internal transactions and events period
Recognize assets purchased during the
Question 14. Question: Prepaid expenses are:
that do not ever expire sheet
Payments made for products and services Classified as liabilities on the balance Decreases in retained earnings Assets that represent prepayments of future expenses Question 15. Question: A company has twice as much owner ' s equity as it does liabilities. If total liabilities are $ 50,000, what amounts of assets are owned by the company?
$ 50,000 $ 100,000 $ 150,000 $ 200,000
Question 16. Question: The main purpose of adjusting entries is to: Record external transactions and events Record internal transactions and events period