Homework Answers
Correct answer---------With Credit
.
Fee income or any revenue account have credit balance and they increase with credit and decrease with debit.
Debit to cash and credit to accounts receivable will nit affect revenue in any way.
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Question 12 How would you increase an account called Fees Income, a revenue account in the accounting system? With...
Question 12 70 pts How would you increase an account called Fees Income, a revenue account...
Question 12 70 pts How would you increase an account called Fees Income, a revenue account in the accounting system? With debits. On the plus side. With credits With a debit to Cash, and a credit to Accounts Receivable.
please answer all of these thank you 1. Under cash accounting, a credit to fees earned...
please answer all of these
thank you
1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
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...
US Weygandt, Financial Accounting, 10e ES Account Titles and Explanation Ref. Deblt 5,000 May 5 Accounts...
US Weygandt, Financial Accounting, 10e ES Account Titles and Explanation Ref. Deblt 5,000 May 5 Accounts Receivable Service Revenue 5,000 (Billed for services performed) 12 Cash 2,100 Accounts Receivable 2,100 (Received cash in payment of account) 15 Cash 3,200 Service Revenue 3,200 (Recelved cash for services performed) Post the transactions to T-accounts. Make one T-account for each tem and determine each account's ending balance Cash 2,100 /12 3,2005/15 5,300 Ending Bal 5/12 5/15 3,200 Ending Bal. 5,300 Accounts Receivable 5/5...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
QUESTION 14 A company purchases supplies on account, what is the effect on the accounting equation?...
QUESTION 14 A company purchases supplies on account, what is the effect on the accounting equation? Assets decrease; equity increases Assets decrease; equity decreases Liabilities decrease; equity decreases Liabilities increase; equity increases Liabilities increase; assets increase 4 points QUESTION 15 Unearned revenues are: Revenues that have been earned and received in cash Revenues that have been earned but not yet collected in cash Liabilities created when a customer pays in advance for products or services before the revenue...
QUESTION 4 Increase Consulting Revenue with a:
QUESTION 4 Increase Consulting Revenue with a: Debit Credit QUESTION 5 The account classification for Accounts Receivable is: Asset Liability Equity Revenue Expense QUESTION 6 Decrease Unearned Revenue with a Debit Credit QUESTION 7 Increase cash with a Debit Credit
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
Question 1: Who is required to follow GAAP? Question 2: Who creates the rules for GAAP?...
Question 1: Who is required to follow GAAP? Question 2: Who creates the rules for GAAP? Question 3: What is the purpose of GAAP? Questions 4-6: Show how the following transactions would affect the Accounting Equation Question 4: James purchases a $5,000 piece of equipment. Question 5: James writes his monthly check for rent: $3,000. Question 6: James takes out a $25,000 loan with his bank. Questions 7-9: Create journal entries to record the following transactions Question 7: James purchases...
answer these problems thank you 3. 1. Under cash accounting, a credit to revenue account must...
answer these problems
thank you
3. 1. Under cash accounting, a credit to revenue account must be balanced with a debit to the account 2. Under cash accounting, a debit to the rent expense account must be balanced with a credit to the account 3. Under accrual accounting, normally a credit to the accounts receivable account will be balanced with a debit to the account Under accrual accounting, normally a debit to the accounts payable account will be balanced with...
Question 12 70 pts How would you increase an account called Fees Income, a revenue account in the accounting system? With debits. On the plus side. With credits With a debit to Cash, and a credit to Accounts Receivable.
please answer all of these
thank you
1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue 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...
US Weygandt, Financial Accounting, 10e ES Account Titles and Explanation Ref. Deblt 5,000 May 5 Accounts Receivable Service Revenue 5,000 (Billed for services performed) 12 Cash 2,100 Accounts Receivable 2,100 (Received cash in payment of account) 15 Cash 3,200 Service Revenue 3,200 (Recelved cash for services performed) Post the transactions to T-accounts. Make one T-account for each tem and determine each account's ending balance Cash 2,100 /12 3,2005/15 5,300 Ending Bal 5/12 5/15 3,200 Ending Bal. 5,300 Accounts Receivable 5/5...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
answer these problems
thank you
3. 1. Under cash accounting, a credit to revenue account must be balanced with a debit to the account 2. Under cash accounting, a debit to the rent expense account must be balanced with a credit to the account 3. Under accrual accounting, normally a credit to the accounts receivable account will be balanced with a debit to the account Under accrual accounting, normally a debit to the accounts payable account will be balanced with...
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