RECOMMENDED!!The net income of Hendley Company for the year is $25,000

  

Question 71. The net income of Hendley Company for the year is $25,000. Withdrawals during the year were $30,000. No new capital contributions were made during the year. Which of the following statements is TRUE?Hendley, Capital account decreases by $25,000.Hendley, Capital account decreases by $5,000.Hendley, Capital account increases by $30,000.Hendley, Capital will remain the same.5 points Question 81. Which of the following is the most liquid asset?BuildingPrepaid ExpensesAccounts ReceivableCash5 points Question 91. Your business advisor, a consulting company, uses reversing entries. On March 31, 2018, the bookkeeper journalized and posted the following adjusting entry to accrue Utilities Expense:Utilities Expense 100 Utilities Payable 100Which of the following entries is the correct reversing entry to be prepared on April 1, 2018?Utilities Payable 100 Utilities Expense 100Utilities Expense 100 Income Summary 100Cash 100 Utilities Expense 100Utilities Expense 100 Accounts Receivable 100