Homework Answers
Solution:
B. An amount is entered on the debit side of the expense account
Explanation:
A. Cash may be credited or not because it it is on account then accounts payable is credited
B. As per nominal account, expenses are debited and incomes are credited
C. Stockholders equity is affected because if the expense is increased it will reduced the Retained earnings which is a part of stockholdes equity.
D. As per nominal account, expenses are debited and Incomes are credited
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When an expense account is increased: A. cash must always be credited. O B. an amount...
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.
31) A business uses a credit to record: A) An increase in an expense account. B)...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) 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...
4) A debit: A) Always decreases an account. B) Always increases an account. C) Is not...
4) A debit: A) Always decreases an account. B) Always increases an account. C) Is not needed to record a transaction. D) Is the left-hand side of a T-account. E) Is the right-hand side of a T-account. 5) Resources a company owns or controls that are expected to yield future benefits are: A) Liabilities. B) Stockholders' Equity. C) Assets. D) Expenses. E) Revenues
Cash receipts are posted to the O a. debit side of a T account. O b....
Cash receipts are posted to the O a. debit side of a T account. O b. the debit and credit side of the T account. O c.right side of the T account. O d. credit side of a T account.
Identifying Transactions In T-Accts Cash 20,000 A 2,000 2,400 1,000 D E Accts Payable 800 c...
Identifying Transactions In T-Accts Cash 20,000 A 2,000 2,400 1,000 D E Accts Payable 800 c 3,000 G Accts Receivable 10,000 Common Stock 20,000 A F Prepaid Insurance 2.000 600 B Fees Earned 10,000 F D Computer 4,000 с E B Operating Expenses 800 2,400 600 Instructions indicate for each Debit and each Credit whether an asset, liability, stockholders' equity, revenue, or expense account was affected and whether the account was increased or decreased Account Debited Account Credited Transaction Type...
At Pronghorn Corp., prepaid costs are debited to expense when cash is paid and unearned revenues...
At Pronghorn Corp., prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash is received. During January of the current year, the following transactions occurred. Jan. 2 Received $10,100 for services to be performed in the future. Paid $3,672 for casualty insurance protection for the year. Paid $4,650 for supplies. 10 On January 31, it is determined that $3,460 of the service revenue has been earned and that there is...
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed...
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed the debits. C)first transaction entered was a credit. D)last transaction entered was a credit. 10. Which of the following is incorrect as to category, normal balance, financial statement, to increase, to decrease A)Cash - asset, debit, balance sheet, credit, debit B)Accounts Payable - liabilities, debit, balance sheet, credit, debit C)Common Stock - shareholders equity, debit, balance sheet, credit, debit D)Service Revenue - revenue, credit,...
In posting a cash payment on account to a supplier of $1,800, the bookkeeper correctly credited...
In posting a cash payment on account to a supplier of $1,800, the bookkeeper correctly credited cash for $1,800 but forgot to make the appropriate entry to accounts payable. What is the impact of this error on the trial balance, the cash account, and the accounts payable account? Group of answer choices The credit side of the trial balance would be $1,800 higher than the debit side of the trial balance, cash would be correctly stated, and accounts payable would...
n stock is issued for an amount greater than par value 8. should be credited to...
n stock is issued for an amount greater than par value 8. should be credited to a. Retained Earnings b. Cash c. Legal Capital d. Paid-in Capital in Excess of Par e. Unrealized Holding Gains and Losses-Equity to record the amortization of a premium on bonds payable is a. Premium on Bonds Payable b. Interest Expense c. Interest Expense d. Bonds Payable e. Premium on Bonds Payable Interest Expense Premium on Bonds Payable Cash Interest Expense Interest Payable Acorp ration...
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.
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.
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) 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...
4) A debit: A) Always decreases an account. B) Always increases an account. C) Is not needed to record a transaction. D) Is the left-hand side of a T-account. E) Is the right-hand side of a T-account. 5) Resources a company owns or controls that are expected to yield future benefits are: A) Liabilities. B) Stockholders' Equity. C) Assets. D) Expenses. E) Revenues
Cash receipts are posted to the O a. debit side of a T account. O b. the debit and credit side of the T account. O c.right side of the T account. O d. credit side of a T account.
Identifying Transactions In T-Accts Cash 20,000 A 2,000 2,400 1,000 D E Accts Payable 800 c 3,000 G Accts Receivable 10,000 Common Stock 20,000 A F Prepaid Insurance 2.000 600 B Fees Earned 10,000 F D Computer 4,000 с E B Operating Expenses 800 2,400 600 Instructions indicate for each Debit and each Credit whether an asset, liability, stockholders' equity, revenue, or expense account was affected and whether the account was increased or decreased Account Debited Account Credited Transaction Type...
At Pronghorn Corp., prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash is received. During January of the current year, the following transactions occurred. Jan. 2 Received $10,100 for services to be performed in the future. Paid $3,672 for casualty insurance protection for the year. Paid $4,650 for supplies. 10 On January 31, it is determined that $3,460 of the service revenue has been earned and that there is...
n stock is issued for an amount greater than par value 8. should be credited to a. Retained Earnings b. Cash c. Legal Capital d. Paid-in Capital in Excess of Par e. Unrealized Holding Gains and Losses-Equity to record the amortization of a premium on bonds payable is a. Premium on Bonds Payable b. Interest Expense c. Interest Expense d. Bonds Payable e. Premium on Bonds Payable Interest Expense Premium on Bonds Payable Cash Interest Expense Interest Payable Acorp ration...
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