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True or False
48) The purchase of an asset, such as office equipment for of an...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
liability accounts should only be debited and never credited true or false
liability accounts should only be debited and never credited true or false
1) Although a proprietorship is not a separate legal entity, a partnership is True False 2)...
1) Although a proprietorship is not a separate legal entity, a partnership is True False 2) Purchasing supplies on credit increases assets while decreasing liabilities. True False 3)On October 15, Gallery Comp. received $12,500 as a down payment on a consuting contract. The amount was credited to Unearned Consulting Revenue By October 31, 10% of the contract was completed. Gallery Corp. needs to prepare an adjusting entry for $1.250. True False 4) Asset, liability and revenue accounts are not closed...
(1) O (3) O Increase asset Increase liability Increase equity Decrease asset Decrease liability O Decrease...
(1) O (3) O Increase asset Increase liability Increase equity Decrease asset Decrease liability O Decrease equity (2) O O (Accounts Payable) O (Accounts Receivable) O (Cash) O (Common Stock) O (Rental Revenue) o (Office Furniture) O (Office Supplies) (Rent Expense) Increase asset Increase liability Increase equity Decrease asset Decrease liability O Decrease equity (5) O (4) O O (Common Stock) O (Rental Revenue) O (Accounts Payable) o (Office Furniture) O (Accounts Receivable) O Office Supplies) O (Cash) O (Rent...
True or False 32) A transaction that causes an increase in an asset may also cause...
True or False
32) A transaction that causes an increase in an asset may also cause a decrease in another asset, an increase in a liability, or an increase in owners' equity. 33) Window dressing occurs when management attempts to make a company look financially stronger than it actually is. 34) The sale of additional shares of capital stock will cause retained earnings to increase 35) Every business transaction is recorded by a debit to a balance sheet account and...
True or False? When an organization purchases equipment, the asset representing the equipment purchase is recorded...
True or False? When an organization purchases equipment, the asset representing the equipment purchase is recorded on the organization’s statement of income. True False
true it falser 46. 47. This is a valid revaluation entry for fixed asset: Debit Joel...
true it falser
46. 47. This is a valid revaluation entry for fixed asset: Debit Joel Santos, capilar al IVUITOR Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price, 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries. (1) Record the yearly depreciation expense for equipment. (2) Accrue utilities expense. (3) Adjust the Unearned Services Revenue account to recognize earned revenue. 23 For each of the adjusting entries (1). (2), and (3), indicate the account to be debited and the account to...
Instruction 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balanc...
Instruction 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balanc 'A' for asset, 'L' for liability, or 'E' for equity D' for debit, or 'C' for credit Account Cash Type Asset Liability Asset Equity Equity Equity Equity Equity Liability Equity Asset Asset Asset Asset Asset Liability Liability Equity Equity Asset Asset Normal Balance Debit Example 1. Accounts Payable 2. Accounts Receivable 3. Common Stock 4. Room Sales Revenue 5. Rent Expense 6. Rent Revenue...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
1) Although a proprietorship is not a separate legal entity, a partnership is True False 2) Purchasing supplies on credit increases assets while decreasing liabilities. True False 3)On October 15, Gallery Comp. received $12,500 as a down payment on a consuting contract. The amount was credited to Unearned Consulting Revenue By October 31, 10% of the contract was completed. Gallery Corp. needs to prepare an adjusting entry for $1.250. True False 4) Asset, liability and revenue accounts are not closed...
(1) O (3) O Increase asset Increase liability Increase equity Decrease asset Decrease liability O Decrease equity (2) O O (Accounts Payable) O (Accounts Receivable) O (Cash) O (Common Stock) O (Rental Revenue) o (Office Furniture) O (Office Supplies) (Rent Expense) Increase asset Increase liability Increase equity Decrease asset Decrease liability O Decrease equity (5) O (4) O O (Common Stock) O (Rental Revenue) O (Accounts Payable) o (Office Furniture) O (Accounts Receivable) O Office Supplies) O (Cash) O (Rent...
True or False
32) A transaction that causes an increase in an asset may also cause a decrease in another asset, an increase in a liability, or an increase in owners' equity. 33) Window dressing occurs when management attempts to make a company look financially stronger than it actually is. 34) The sale of additional shares of capital stock will cause retained earnings to increase 35) Every business transaction is recorded by a debit to a balance sheet account and...
true it falser
46. 47. This is a valid revaluation entry for fixed asset: Debit Joel Santos, capilar al IVUITOR Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price, 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries. (1) Record the yearly depreciation expense for equipment. (2) Accrue utilities expense. (3) Adjust the Unearned Services Revenue account to recognize earned revenue. 23 For each of the adjusting entries (1). (2), and (3), indicate the account to be debited and the account to...
Instruction 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balanc 'A' for asset, 'L' for liability, or 'E' for equity D' for debit, or 'C' for credit Account Cash Type Asset Liability Asset Equity Equity Equity Equity Equity Liability Equity Asset Asset Asset Asset Asset Liability Liability Equity Equity Asset Asset Normal Balance Debit Example 1. Accounts Payable 2. Accounts Receivable 3. Common Stock 4. Room Sales Revenue 5. Rent Expense 6. Rent Revenue...
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