Homework Answers
Correct Option A i.e. It is an equity account that has a normal credit balance.
Note : Owner's capital is not a liability to the buisness. Its an equity account and has normal credit balance.
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QUESTION 16 0.5 points Saved Which of the following statements is true of the owner, Capital...
QUESTION 10 0.5 points Saved category of the accounting equation. Owner, Capital is a separate account...
QUESTION 10 0.5 points Saved category of the accounting equation. Owner, Capital is a separate account in the OA) equity OB) asset OC) liability OD) revenue
QUESTION 14 0.5 points Saved Which of the following accounts increases with a debit? A) Prepaid...
QUESTION 14 0.5 points Saved Which of the following accounts increases with a debit? A) Prepaid Rent B) Interest Payable OC) Accounts Payable D) Owner, Capital
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...
Question 9 (0.5 points) Saved Which of the following statements regarding Social Security benefits is true?...
Question 9 (0.5 points) Saved Which of the following statements regarding Social Security benefits is true? Social Security benefits are retirement benefits extended only to self-employed people. 2) For the average wage earner, Social Security benefits match a percentage of the income earned in the year before retirement 3) Social Security benefits are available to military personnel only. 42 Social Security benefits may be reduced if the recipient is under age 55 and still gainfully employed. 5. To obtain Social...
Which of the following statements is true of a trial balance? O A. A trial balance...
Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the balance sheet. OC. A trial balance presents data in debit and credit format. OD. A trial balance shows the total amounts of assets and liabilities, but not equity. Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total...
Question 1 (4 points) ✓ Saved Which of the following statements is true? Bitcoin is a...
Question 1 (4 points) ✓ Saved Which of the following statements is true? Bitcoin is a distributed and decentralized ledger that records and verifies transactions and ownership, and makes it difficult to tamper with, or shut down. Blockchain is a digital asset where a secure form of cryptography is used to handle transactions, control the creation of additional units, and verify the transfer of assets. There is no single blockchain software used by all -- e.g., Bitcoin has its own...
If the Cash account has a credit balance, which of the following statements is true? 1...
If the Cash account has a credit balance, which of the following
statements is true?
1
An error has occurred and must be corrected before financial
statements can be prepared.
2
Debit postings exceed the credit postings for the accounting
period.
3
The account needs to be analyzed to determine the reason for the
credit balance.
4
This is the normal balance for cash.
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.
The Brownstone, Capital account for Joe Brownstone, owner of Brownstone Company, had the following transactions for...
The Brownstone, Capital account for Joe Brownstone, owner of Brownstone Company, had the following transactions for November an additional capital contribution of $30,000 on November 1 and an additional capital contribution of $30,000 on November 15. Assuming a beginning balance in Brownstone, Capital account was $20,000, what is the balance in Brownstone, Capital account as of November 157 O A $80,000 Debit OB. $80.000 Credit O c. 550.000 Debit OD. $50,000 Credit Click to select your answer. DA ACCT101 Gindaba)...
9:08 .5GE Х HWweek1: Attempt 1 CTCOIL Question 9 2 points Identify the following accounts of...
9:08 .5GE Х HWweek1: Attempt 1 CTCOIL Question 9 2 points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit Accounts Payable A Asset B Liability Owner's Equity D Revenue 6 Expense Debit Credit Question 10 2 Points Save and Close Submit Last saved 9:05:50 PM
QUESTION 10 0.5 points Saved category of the accounting equation. Owner, Capital is a separate account in the OA) equity OB) asset OC) liability OD) revenue
QUESTION 14 0.5 points Saved Which of the following accounts increases with a debit? A) Prepaid Rent B) Interest Payable OC) Accounts Payable D) Owner, Capital
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...
Question 9 (0.5 points) Saved Which of the following statements regarding Social Security benefits is true? Social Security benefits are retirement benefits extended only to self-employed people. 2) For the average wage earner, Social Security benefits match a percentage of the income earned in the year before retirement 3) Social Security benefits are available to military personnel only. 42 Social Security benefits may be reduced if the recipient is under age 55 and still gainfully employed. 5. To obtain Social...
Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the balance sheet. OC. A trial balance presents data in debit and credit format. OD. A trial balance shows the total amounts of assets and liabilities, but not equity. Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total...
Question 1 (4 points) ✓ Saved Which of the following statements is true? Bitcoin is a distributed and decentralized ledger that records and verifies transactions and ownership, and makes it difficult to tamper with, or shut down. Blockchain is a digital asset where a secure form of cryptography is used to handle transactions, control the creation of additional units, and verify the transfer of assets. There is no single blockchain software used by all -- e.g., Bitcoin has its own...
If the Cash account has a credit balance, which of the following
statements is true?
1
An error has occurred and must be corrected before financial
statements can be prepared.
2
Debit postings exceed the credit postings for the accounting
period.
3
The account needs to be analyzed to determine the reason for the
credit balance.
4
This is the normal balance for cash.
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.
The Brownstone, Capital account for Joe Brownstone, owner of Brownstone Company, had the following transactions for November an additional capital contribution of $30,000 on November 1 and an additional capital contribution of $30,000 on November 15. Assuming a beginning balance in Brownstone, Capital account was $20,000, what is the balance in Brownstone, Capital account as of November 157 O A $80,000 Debit OB. $80.000 Credit O c. 550.000 Debit OD. $50,000 Credit Click to select your answer. DA ACCT101 Gindaba)...
9:08 .5GE Х HWweek1: Attempt 1 CTCOIL Question 9 2 points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit Accounts Payable A Asset B Liability Owner's Equity D Revenue 6 Expense Debit Credit Question 10 2 Points Save and Close Submit Last saved 9:05:50 PM
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