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  1. The right-hand side of the balance sheet should include entries for
     A. only the liabilities.
     B. both the liabilities and the owner’s equity.
    C. both the assets and liabilities.
    D. only the owner’s equity.

     17. Which of the following shows how the descriptive entry under owner’s equity should appear?
    A. Tom Cotton, Owner
    B. Blue Top Taxi Company
    C. Tom Cotton, Capital 
    D. Ace Auto Company

    18. A single ruled line should be drawn on the column line above the amount for all of the following except which one?
    A. Total Assets
     B. Total Liabilities
    C. Total Liabilities and Owner’s Equity
    D. Owner’s Equity

    19. A double-ruled line should be drawn under the amount for
    A. only total assets.
    B. both total assets and total liabilities and owner’s equity.
    C. both total assets and total liabilities.
    D. only total liabilities and owner’s equity

Verified Answer :

Kalahira
  1. The right-hand side of the balance sheet should include entries for B. both the liabilities and the owner's equity. This side is the credit side. The left-hand side is the debit side. It is composed of the assets only.



17. The descriptive entry under the owner’s equity should appear as C. Tom Cotton, Capital.


18. A single ruled line should be drawn on the column line above the amount for total assets, total liabilities, and owner’s equity EXCEPT for C. Total Liabilities and Owner’s Equity.


19. A double-ruled line should be drawn under the amount for B. both total assets and total liabilities and owner’s equity.

BakeDaKake

Answer:

16. B

17. C

18. A

19. B

Explanation:

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