Homework Answers
| Option D is the answer | ||
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Revenue increases with the credit and decreases with the debit. Expenses increases with the debit and decreases with the credit. |
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Which account is increased by a credit? Multiple Choice Interest Expense o Supplies Supplies Accounts Receivable...
Which of the following accounts is increased with a credit? Multiple Choice O Accounts receivable Prepaid...
Which of the following accounts is increased with a credit? Multiple Choice O Accounts receivable Prepaid rent 0 Common stock O Dividends
Which of the following accounts would be closed? Multiple Choice Ο O Supplies Expense Ο Accounts...
Which of the following accounts would be closed? Multiple Choice Ο O Supplies Expense Ο Accounts Receivable Ο Supplies Ο Accumulated Depreciation
Check my o Which of the following accounts is increased with a debit? 0:32:08 Multiple Choice...
Check my o Which of the following accounts is increased with a debit? 0:32:08 Multiple Choice Insurance expense Service revenue Accounts payable Common stock 10 of 20 ! Next > < Prev
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O...
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O O Cash O O Accounts Payable Accounts Receivable An account with the word "Prepaid" in its title A prepayment of rent for the next three months (not including this month): Multiple Choice decreases stockholders' equity. O increases expenses a has no effect on total assets. reduces total assets.
Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable...
Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable is a debit. o The normal balance of dividends is a debit o The normal balance of unearned revenues is a credit. o The normal balance of an expense account is a credit. o The normal balance of the common stock account is a credit
Centurion Co. had the following accounts and balances at December 31: Account Cash Accounts Receivable Prepaid...
Centurion Co. had the following accounts and balances at December 31: Account Cash Accounts Receivable Prepaid Insurance Supplies Accounts Payable T. Happy, Capital Service Revenue Salaries Expense Utilities Expense Totals Debit Credit $11,000 2,200 2,800 1,200 $ 5,500 5,500 8,000 600 1,200 $19,000 $19,000 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice 0 O $1,300 0 $4,300 0 O $4,900 0 O $11.600
Adjusted Trial Balance Account Titles Debit Credit Cash $3,740 Accounts Receivable 3,960 Supplies 440 Accounts Payable...
Adjusted Trial Balance Account Titles Debit Credit Cash $3,740 Accounts Receivable 3,960 Supplies 440 Accounts Payable $1,900 Unearned Service Revenue 140 Common Stock 4,100 Retained Earnings 1,070 Dividends 700 Service Revenue 4,250 Salaries and Wages Expense 1,300 Miscellaneous Expense 220 Supplies Expense 1,800 Salaries and Wages Payable 700 $12,160 $12,160 Prepare closing entries at June 30, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30...
PART A The allowance for credit losses account is classified as Multiple Choice a contra-revenue account....
PART A The allowance for credit losses account is classified as Multiple Choice a contra-revenue account. a contra-equity account. a contra-asset account. a contra-expense account. PART B An analyst notes that ABC Inc.’s allowance for credit losses as a percentage of year-end accounts receivable has changed. Which of the following would not be a plausible explanation for the change? Multiple Choice ABC’s management is using the allowance for credit losses to “manage” earnings. The company ages its receivables and the...
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
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies...
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies 4. Prepaid insurance 5. Equipment 6. Accounts payable 7. Deferred (Unearned) service revenue 8. Notes payable 9. Common stock 10. Consulting revenue 11. Salaries expense 12. lease expense
Which of the following accounts is increased with a credit? Multiple Choice O Accounts receivable Prepaid rent 0 Common stock O Dividends
Which of the following accounts would be closed? Multiple Choice Ο O Supplies Expense Ο Accounts Receivable Ο Supplies Ο Accumulated Depreciation
Check my o Which of the following accounts is increased with a debit? 0:32:08 Multiple Choice Insurance expense Service revenue Accounts payable Common stock 10 of 20 ! Next > < Prev
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O O Cash O O Accounts Payable Accounts Receivable An account with the word "Prepaid" in its title A prepayment of rent for the next three months (not including this month): Multiple Choice decreases stockholders' equity. O increases expenses a has no effect on total assets. reduces total assets.
Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable is a debit. o The normal balance of dividends is a debit o The normal balance of unearned revenues is a credit. o The normal balance of an expense account is a credit. o The normal balance of the common stock account is a credit
Centurion Co. had the following accounts and balances at December 31: Account Cash Accounts Receivable Prepaid Insurance Supplies Accounts Payable T. Happy, Capital Service Revenue Salaries Expense Utilities Expense Totals Debit Credit $11,000 2,200 2,800 1,200 $ 5,500 5,500 8,000 600 1,200 $19,000 $19,000 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice 0 O $1,300 0 $4,300 0 O $4,900 0 O $11.600
Which of the following accounts is decreased with a credit? Multiple Choice Accounts Payable Unearned Revenue Prepaid Insurance Service Revenue
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies 4. Prepaid insurance 5. Equipment 6. Accounts payable 7. Deferred (Unearned) service revenue 8. Notes payable 9. Common stock 10. Consulting revenue 11. Salaries expense 12. lease expense
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