Homework Answers
Answer
- Accounts that are Increased by Credits are those accounts that have normal CREDIT balance.
- These accounts are Revenue account, Liability accounts, Equity accounts.
- Correct Answer = Option ‘B’ Fees earned will be increased by a Credit because it’s a REVENUE account.
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to. An account that would be increased by a credit is: . a) Fax Machine. b)...
An account that would be increased by a credit is: A.Cash. B.Utilities Expense. C.Unearned Revenue. D.Prepaid...
An account that would be increased by a credit is: A.Cash. B.Utilities Expense. C.Unearned Revenue. D.Prepaid Expense.
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause....
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
Select each statement either the word "debit" or "credit." 1. An asset account is increased with...
Select each statement either the word "debit" or "credit." 1. An asset account is increased with a the accoun 2. Owner's equity is increased with a 3. To place an amount on the left-hand side of the T account is to 4. The prepaid insurance account is increased by entering a 5. The drawing account is decreased by entering a 6. The accounts payable account is decreased with a 7. The owner's capital account is increased with a 8. The...
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance...
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance Fees Eamed (Revenues) b. Office Supplies c Owner, Withdrawals d. Wages Expense e. Accounts Receivable E Prepaid Rent 9. Wages Payable h. Building Owner. Capital Debit Credit
please answer all of these thank you 1. Under cash accounting, a credit to fees earned...
please answer all of these
thank you
1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
According to the Consumer Electronics Manufacturers Association, 10% of all U.S.households have a fax machine and...
According to the Consumer Electronics Manufacturers Association, 10% of all U.S.households have a fax machine and 52% have a personal computer. Suppose 91% of all U.S. households having a fax machine have a personal computer. A U.S.household is randomly selected. a. What is the probability that the household has a fax machine and a personal computer? b. What is the probability that the household has a fax machine or a personal computer? c. What is the probability that the household...
B. Identify the normal balance for each of the following accounts by placing a Dr. (debit)...
B. Identify the normal balance for each of the following accounts by placing a Dr. (debit) or a Cr. (credit) in the space provided. 1. Fax Machine 2. R. Clark, Withdrawals 3. R. Clark, Capital 4. Legal Fees 5. Cash 6. Accounts Receivable 7. Accounts Payable 8. Rent Expense 9. Office Equipment 10. Prepaid Rent
Account More Info B. O'Mally. Withdrawals Accounts Receivable Cash B. O'Mally Capital Office Equipment Hair Salon...
Account More Info B. O'Mally. Withdrawals Accounts Receivable Cash B. O'Mally Capital Office Equipment Hair Salon Fees Earned Solling Expense Salary Expense Advertising Expense Accounts Payable Print Done
The preparation of adjusting entries requires a debit entry to one account and a credit entry to another account
CP 3-1 The preparation of adjusting entries requires a debit entry to one account and a credit entry to another account. ABa. Insurance Expense b. Rent Earned c. Prepaid Rent d. Interest Payable e. Interest Receivable f. Fees Earned g. Unused Supplies h. Unearned Commissions Revenue i. Salaries Payablej. Depreciation Expense1. Commissions Earned 2. Supplies Expense 3. Salaries Expense 4. Unearned Fees 5. Accumulated Depreciation 6. Rent Expense 7. Prepaid Insurance 8. Interest Earned 9. Interest Expense 10. Unearned Rent Required: Match each account in column A with the appropriate account in column B
When an expense account is increased: A. cash must always be credited. O B. an amount...
When an expense account is increased: A. cash must always be credited. O B. an amount is entered on the debit side of the expense account. O c. stockholders' equity is not affected. O D. an amount is entered on the credit side of the expense account.
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
Select each statement either the word "debit" or "credit." 1. An asset account is increased with a the accoun 2. Owner's equity is increased with a 3. To place an amount on the left-hand side of the T account is to 4. The prepaid insurance account is increased by entering a 5. The drawing account is decreased by entering a 6. The accounts payable account is decreased with a 7. The owner's capital account is increased with a 8. The...
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance Fees Eamed (Revenues) b. Office Supplies c Owner, Withdrawals d. Wages Expense e. Accounts Receivable E Prepaid Rent 9. Wages Payable h. Building Owner. Capital Debit Credit
please answer all of these
thank you
1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
B. Identify the normal balance for each of the following accounts by placing a Dr. (debit) or a Cr. (credit) in the space provided. 1. Fax Machine 2. R. Clark, Withdrawals 3. R. Clark, Capital 4. Legal Fees 5. Cash 6. Accounts Receivable 7. Accounts Payable 8. Rent Expense 9. Office Equipment 10. Prepaid Rent
Account More Info B. O'Mally. Withdrawals Accounts Receivable Cash B. O'Mally Capital Office Equipment Hair Salon Fees Earned Solling Expense Salary Expense Advertising Expense Accounts Payable Print Done
When an expense account is increased: A. cash must always be credited. O B. an amount is entered on the debit side of the expense account. O c. stockholders' equity is not affected. O D. an amount is entered on the credit side of the expense account.
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