Homework Answers
Option A is incorrect, as an unearned revenue is liability to the company, so it decreases with debt.
Option B is incorrect because expenses have a debit balances and they increases with a debit entry.
Option C is correct, as account payable is a liability account, and a credit entry will increase the balance in Accounts Payable.
Option D is incorrect because prepaid expense is not an expense account, instead it is an asset. An asset account increases with a debit entry.
So, Option C is correct.
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Which of the following statements is correct? O A. Unearned Revenue is increased with a debit...
Jan. 31 600 Jan. 31 Paid monthly salary to salesman, $2,600. Received $2,145 for three months...
Jan. 31 600 Jan. 31 Paid monthly salary to salesman, $2,600. Received $2,145 for three months of consulting service to be performed starting in February The owner, Greg Wilson, withdrew $1,000 from the business Jan. 31 Which of the following statements is correct? O A. Rent Expense is increased with a credit. O B. Accounts Payable is increased with a credit. C. Prepaid Expenses are decreased with a debit. O D. Unearned Revenue is increased with a debit.
Which of the statements of the rules of debit and credit is true? O A. Increase...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
Which of the following is a revenue account?
Which of the following is a revenue account?retained earningsfees earnedrent expenseunearned revenueWhich of the following accounts is increased with a debit?common stockprepaid insurancefees earnedunearned revenueWhich of the following errors will cause the trial balance totals to be unequal?entering an incorrect amount on the trial balancefailure to record a transaction or to post a transactionrecording the same transaction more than oncerecording the same erroneous amount for both the debit and the credit parts of a transactionWhich of the following types of...
answer the first two the adjusting entry for the earning of the revenue or the incurring...
answer the first two
the adjusting entry for the earning of the revenue or the incurring of the expense. For both unearned revenues and prepaid expenses, the cash payment occurs O concurrently with Ob before O c. after d. None of these choices are correct Which of the following would NOT cause the adjusted trial balance totals to be unequal? O a. The adjustment for prepaid insurance was omitted, Ob. The adjustment for depreciation of $3,935 was journalized as a...
Which of the following accounts is decreased with a credit? Multiple Choice Accounts Payable Unearned Revenue...
Which of the following accounts is decreased with a credit? Multiple Choice Accounts Payable Unearned Revenue Prepaid Insurance Service Revenue
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the account. Group of answer choices Assets Dividends Capital Contributions Revenues Contra Assets Losses Expenses Liabilities Contra Revenues Retained Earnings Gains 2. Choose all the accounts below that would be DECREASED by a CREDIT entry to the account. Group of answer choices Retained Earnings Assets Equity Expenses Dividends Contra Assets Losses Liabilities 3. Choose all the accounts below that would be DECREASED by a DEBIT...
Indicate whether each of the following accounts has its balance increased with a debit or a...
Indicate whether each of the following accounts has its balance increased with a debit or a credit. Notes Payable Cash Common Stock Prepaid Insurance Dividends Land Service Revenue Choose.. Choose... Choose... * Choose... + debit + Choose...+ Choose... + Choose...+ Accounts Receivable Supplies Expense Choose... + Deferred (or Unearned) RevenueChoose....
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable O C. Interest Payable O D. Prepaid Rent
Jan. 31 600 Jan. 31 Paid monthly salary to salesman, $2,600. Received $2,145 for three months of consulting service to be performed starting in February The owner, Greg Wilson, withdrew $1,000 from the business Jan. 31 Which of the following statements is correct? O A. Rent Expense is increased with a credit. O B. Accounts Payable is increased with a credit. C. Prepaid Expenses are decreased with a debit. O D. Unearned Revenue is increased with a debit.
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
answer the first two
the adjusting entry for the earning of the revenue or the incurring of the expense. For both unearned revenues and prepaid expenses, the cash payment occurs O concurrently with Ob before O c. after d. None of these choices are correct Which of the following would NOT cause the adjusted trial balance totals to be unequal? O a. The adjustment for prepaid insurance was omitted, Ob. The adjustment for depreciation of $3,935 was journalized as a...
Which of the following accounts is decreased with a credit? Multiple Choice Accounts Payable Unearned Revenue Prepaid Insurance Service Revenue
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
Indicate whether each of the following accounts has its balance increased with a debit or a credit. Notes Payable Cash Common Stock Prepaid Insurance Dividends Land Service Revenue Choose.. Choose... Choose... * Choose... + debit + Choose...+ Choose... + Choose...+ Accounts Receivable Supplies Expense Choose... + Deferred (or Unearned) RevenueChoose....
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable O C. Interest Payable O D. Prepaid Rent
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