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Which of the accounts are increased with a debit and decreased with a credit

 

 

105. Which of the accounts are increased with a debit and decreased with a credit?

a. Liabilities, stockholders’ equity, and revenues.

b. Dividends, liabilities, and assets.

c. Expenses, dividends, and stockholders’ equity.

d. Assets, dividends, and expenses.

 

 

106. Consider the following list of accounts:

CashRetained Earnings

Service RevenueUtilities Expense

Salaries ExpenseAccounts Receivable

Accounts PayableCommon Stock

EquipmentDividends

How many of these accounts have a normal debit balance?

a. Four.

b. Five.

c. Six.

d. Seven.

 

 

107. Consider the following list of accounts:

Accounts Payable

Cash

Prepaid Rent

Common Stock

Salaries Payable

Equipment

Supplies

Rent Expense

How many of these accounts have a normal credit balance?

a. Two.

b. Three.

c. Four.

d. Five.

 

 

108. Consider the following accounts:

Utilities Expense

Accounts Payable

Service Revenue

Common Stock

How many of these accounts are increased with debits?

a. One.

b. Two.

c. Three.

d. Four.

 

 

109. Which one of the following accounts will have a credit balance?

a. Dividends

b. Salary Expense

c. Supplies

d. Common Stock

 

 

110. Consider the following accounts:

Dividends

Insurance Expense

Cash

Service Revenue

How many of these accounts are increased with credits?

a. One.

b. Two.

c. Three.

d. Four.

 

 

111. Providing services on account would be recorded with a:

a. Debit to Service Revenue.

b. Credit to Accounts Receivable.

c. Credit to Accounts Payable.

d. Debit to Accounts Receivable.

 

 

112. Xenon Corporation borrows $75,000 from First Bank. Xenon Corporation records this transaction with a:

a. Debit to Investments.

b. Credit to Retained Earnings.

c. Credit to Notes Payable.

d. Credit to Interest Expense.

 

 

113. Childers Service Company provides services to customers totaling $3,000, for which it billed the customers. How would the transaction be recorded?

a. Debit Cash $3,000, credit Service Revenue $3,000.

b. Debit Accounts Receivable $3,000, credit Service Revenue $3,000.

c. Debit Accounts Receivable $3,000, credit Cash $3,000.

d. Debit Service Revenue $3,000, credit Accounts Receivable $3,000.

 

 

114. A company received a bill for newspaper advertising services, $400. The bill will be paid in 10 days. How would the transaction be recorded today?

a. Debit Advertising Expense $400, credit Accounts Payable $400.

b. Debit Accounts Payable $400, credit Advertising Expense $400.

c. Debit Accounts Payable $400, credit Cash $400.

d. Debit Advertising Expense $400, credit Cash $400.

Jan 27 2020 View more View Less

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