Increased $40,000>Since assets only decreased $50,000, and liabilities decreased by $90,000, stockholders" equity has to increase by $40,000 to keep the accounting equation balanced.

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During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders" equity...-decreased $140,000-increased $140,000-decreased $40,000-increased $40,000
Decreases cash; decreases retained earnings.>Payment of dividends reduces both cash and retained earnings.
Payment of a dividend...-decreases cash; increases stockholders" equity.-increases retained earnings; increases expenses.-increases expenses; decreases cash.-decreases cash; decreases retained earnings.
An account is a source document.>An account has three basic parts - a title, a debit side, and a credit side, but it is not a source document.
An account is a part of the financial information system and is described by all except which one of the following?-an account has a debit and credit side-an account is a source document-an account consists of three parts-an account has a title
Which accounts normally have debit balances?-assets, liabilities, and dividends-assets, expenses, and revenues-assets, dividends, and expenses-assets, expenses, and retained earnings
Analyze a transaction; record it in the journal; post it to the ledger>The sequence is to analyze the event, record it, and then post it to the ledger.
Which of the following is the correct sequence of events?-record a transaction in the journal; analyze the transaction; post it to the ledger-analyze a transaction; record it in the journal; post it to the ledger-none of the answer choices provides the correct sequence-analyze a transaction; post it to the ledger; record it in the journal
In the journal>The first place entries are recorded is the journal. It is sometimes referred to as the book of original entry.
Where is the first place every transaction is recorded?-in the journal-in the respective accounts-in the basic accounting equation-in the ledger
Liability>The unearned revenue account is classified as a liability. Unearned revenues are payments for future services to be performed or goods to be delivered. Until a company performs the services or delivers the goods, the amount is owed to the party that made the payment.

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The order that they appear in the ledger>Accounts will appear in the trial balance in the same order that they appear in the ledger.
Accounts are listed on the trial balance in...-the order in which they are posted-alphabetical order-chronological order-the order that they appear in the ledger
Which of the following is not one of the primary types of the financing activities in the statement of cash flows?-issuing shares of stock-buying equipment-borrowing money-paying dividends


Intermediate Accounting, Binder Ready Version16th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

MyAccountingLab with Pearson eText -- Instant Access -- for Financial Accounting9th EditionCharles T. Horngren