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Question 3 3 pts Identify all of the true statements from the list below about debits...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
Which of the following statements is correct regarding the effect of debits and credits in accounts?...
Which of the following statements is correct regarding the effect of debits and credits in accounts? Assets are on the left side of the accounting equation, so to increase them, you would credit them. O Expenses reduce equity, so to increase an expense account you would debit it. O Owner Investments cause Owner, Capital to increase, so to increase the capital account, you would debit it. O Revenues increase equity, so to increase a revenue account, you would debit it.
ahhh...debits and credits, easily one of the hardest concepts for beginning accounting students to get a...
ahhh...debits and credits, easily one of the hardest concepts for beginning accounting students to get a handle on. Now for the good news, by the time you finish this course you will be doing debits and credits in your sleep. (OK, put down the phone. Don't drop the class. I promise this will in no way effect your sleeping patterns:-) Please, please, please watch the chapter 2 overview video for a discussion of debits and credits before responding to this...
any one know how to do this? Question 2 of 4 -/1 View Policies Current Attempt...
any one know how to do this?
Question 2 of 4 -/1 View Policies Current Attempt in Progress This information relates to Cheyenne Real Estate Agency Stockholders invest $31,770 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,720. Buys office furniture for $3,740, on account Sells a house and lot for E.C. Roads: commissions due from Roads, $10,430 (not paid by Roads at this time). Receives cash of $185 as commission...
Identify the statement below that is correct. A. The left side of a T-account is the...
Identify the statement below that is correct. A. The left side of a T-account is the credit side. B. Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C. The left side of a T-account is the debit side. D. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. E. In certain circumstances the total amount debited need not equal the total amount credited for a particular transaction.
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...
MULTIPLE CHOICE PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
Please select the most appropriate answer from each question below Onli required from each question n...
Please select the most appropriate answer from each question below Onli required from each question n Al - Which of the following is an Asset? a) Unearned Revenues b) Prepaid Expenses c) Accumulated Depreciation d) Allowance for Uncollectible Accounts A2 - Which of the following equations is accurate? a) Assets + Shareholders' Equity = Liabilities b) Assets - Liabilities - Shareholders' Equity c) Assets = Liabilities - Shareholders' Equity d) Assets + Liabilities = Shareholders' Equity A3 - If assets...
MID TERM EXAM ACT 170 SDUIS WITNTER S1 2019 STUDENT NAME 1. Describe how accounts, debits,...
MID TERM EXAM ACT 170 SDUIS WITNTER S1 2019 STUDENT NAME 1. Describe how accounts, debits, and credits are used to record business transactions: 2. Why is the accounting system referred to as a Double Entry System? 3. What is the effect of Owner's Investments and Revenues and Owner's Drawings and expenses on Equity? 4. Explain the Summary of Debit and Credit Rules for the Balance sheet and Income Statement? 5 Debits increase assets and decrease liabilities. T/ F? 6....
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
Which of the following statements is correct regarding the effect of debits and credits in accounts? Assets are on the left side of the accounting equation, so to increase them, you would credit them. O Expenses reduce equity, so to increase an expense account you would debit it. O Owner Investments cause Owner, Capital to increase, so to increase the capital account, you would debit it. O Revenues increase equity, so to increase a revenue account, you would debit it.
any one know how to do this?
Question 2 of 4 -/1 View Policies Current Attempt in Progress This information relates to Cheyenne Real Estate Agency Stockholders invest $31,770 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,720. Buys office furniture for $3,740, on account Sells a house and lot for E.C. Roads: commissions due from Roads, $10,430 (not paid by Roads at this time). Receives cash of $185 as commission...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
Please select the most appropriate answer from each question below Onli required from each question n Al - Which of the following is an Asset? a) Unearned Revenues b) Prepaid Expenses c) Accumulated Depreciation d) Allowance for Uncollectible Accounts A2 - Which of the following equations is accurate? a) Assets + Shareholders' Equity = Liabilities b) Assets - Liabilities - Shareholders' Equity c) Assets = Liabilities - Shareholders' Equity d) Assets + Liabilities = Shareholders' Equity A3 - If assets...
MID TERM EXAM ACT 170 SDUIS WITNTER S1 2019 STUDENT NAME 1. Describe how accounts, debits, and credits are used to record business transactions: 2. Why is the accounting system referred to as a Double Entry System? 3. What is the effect of Owner's Investments and Revenues and Owner's Drawings and expenses on Equity? 4. Explain the Summary of Debit and Credit Rules for the Balance sheet and Income Statement? 5 Debits increase assets and decrease liabilities. T/ F? 6....
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
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