Homework Answers
Answer : is the right-hand side of a T-account
Note:
1. The right hand side of the T-account lists the credits.
2. A credit may decrease or increase an account.
3. a credit decreases asset accounts
4. the debit is the left-hand side of a T-account.
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A credit: Multiple Choice Always decreases an account. Is the right-hand side of a T-account Always...
The normal balance of an account is the: Multiple Choice side of the T account on...
The normal balance of an account is the: Multiple Choice side of the T account on which it increases. side of the T account on which it decreases. the left side of the account. the right side of the account.
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
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
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 of the following requires a credit? Multiple Choice Decreases in liabilities Decreases in stockholders' equity...
Which of the following requires a credit? Multiple Choice Decreases in liabilities Decreases in stockholders' equity Increases to assets Increases to liabilities 2. true or false Under the five-step revenue recognition model, a contract can be written, verbal, or implied. 3.When cash is received in advance of a performance obligation being satisfied, a(n) ______ called _________ is recorded.
4) Performing a service on account would include a: A) right side of owner's equity T...
4) Performing a service on account would include a: A) right side of owner's equity T Acct for revenue. B) left side of accounts payable T Acct. C) right side of cash T Acct. D) right side of accounts payable T Acct.
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...
Question 1 0.5 pts The credit side of an account is the left side of the...
Question 1 0.5 pts The credit side of an account is the left side of the account O depends on whether the account is an asset. liability or stockholders' equity can be either side of the account depending on how the accountant set up the system is the right side of the account Question 2 0.5 pts The stockholders' equity will be increased by which of the following. revenues none of the above dividends expenses Question 3 0.5 pts @...
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
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
4) Performing a service on account would include a: A) right side of owner's equity T Acct for revenue. B) left side of accounts payable T Acct. C) right side of cash T Acct. D) right side of accounts payable T Acct.
Question 1 0.5 pts The credit side of an account is the left side of the account O depends on whether the account is an asset. liability or stockholders' equity can be either side of the account depending on how the accountant set up the system is the right side of the account Question 2 0.5 pts The stockholders' equity will be increased by which of the following. revenues none of the above dividends expenses Question 3 0.5 pts @...
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