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b. a description of the account.
c. the debit side.
d. the balance of the account.
a. Credit side
b. Trial balance
c. Debit side
a. is the correct side.
b. reflects all transactions for the accounting period.
c. shows all the balances of the accounts in the system.
d. is the credit side.
a. a title, a debit balance, and a credit balance.
b. a title, a left side, and a debit balance.
c. a title, a debit side, and a credit side.
d. a title, a right side, and a debit balance
b. credit was made to a liability account.
c. decrease in the asset.
d. increase in the asset.
a. increase both assets and liabilities.
b. decrease both assets and liabilities.
c. increase assets and decrease liabilities.
d. decrease assets and increase liabilities
a. left side.
b. right side.
c. side which increases that account.
d. side which decreases that account.
a. in at least two different accounts.
b. in two sets of books.
c. in a journal and in a ledger.
d. first as a revenue and then as an expense.
a. is increased by debits.
b. is decreased by credits.
c. has a normal balance of a debit.
d. is increased by credits.
a. Assets, expenses, and revenues
b. Assets, expense, and retained earnings
c. Assets, liabilities, and dividends
d. Assets, expenses, and dividends
a. Revenues, liabilities, and dividends
b. Revenues, liabilities, and assets
c. Revenues, liabilities, and retained earnings
d. Revenues, liabilities, and expenses
a. offset side of an account.
b. increase side of an account.
c. right side of an account.
d. decrease side of an account.
a. the number of debit accounts must equal the number of credit accounts.
b. there must always be entries made on both sides of the accounting equation.
c. the total dollar amount of the debits must equal the total dollar amount of the credits.
d. there must only be two accounts affected by any transaction.
c. Accounts Receivable
d. Service Revenue
a. Nothing further must be done.
b. Debit a stockholders’ equity account for $500.
c. Debit another asset account for $500.
d. Credit a different asset account for $500.
a. Credit an asset account for $100.
b. Credit another liability account for $100.
c. Credit a stockholders’ equity account for $100.
d. Debit a stockholders’ equity account for $100.
a Debit a stockholders’ equity account for $300.
b. Debit another asset account for $300.
c. Credit a different asset account for $300.
d. Nothing further must be done.
b. Service Revenue
c. Interest Payable
a. Supplies Expense
c. Sales Revenue
a. credits exceed the debits.
b. first transaction entered was a credit.
c. debits exceed the credits.
d. last transaction entered was a credit.
a. affect two or less accounts.
b. affect two or more accounts.
c. always affect exactly two accounts.
d. affect the same number of asset and liability accounts.
a. Debits increase assets and increase liabilities.
b. Credits decrease assets and decrease liabilities.
c. Credits decrease assets and increase liabilities.
d. Debits increase liabilities and decrease assets.
a. credit balances.
b. debit balances.
c. debit and credit balances.
d. debit or credit balances.
a. is increased with a debit.
b. is decreased with a credit.
c. is increased with a credit.
d. has a normal balance of a debit.
a. $4,000 credit balance.
b. $7,000 debit balance.
c. $3,000 debit balance.
d. $3,000 credit balance.
a. $1,500 credit balance.
b. $500 debit balance.
c. $2,000 debit balance.
d. $500 credit balance.
a. $1,800 credit balance.
b. $3,000 debit balance.
c. $1,200 debit balance.
d. $1,800 credit balance.
a. $10,000 credit balance
b. $58,000 debit balance
c. $10,000 debit balance
d. $6,000 credit balance
a. $15,000 credit
b. $85,000 debit
c. $120,000 debit
d. $65,000 credit
a. $40,000 credit.
b. $100,000 credit.
c. $200,000 debit.
d. $100,000 debit.
a. Accounts Payable
c. Retained Earnings
b. Prepaid Rent
d. Common Stock
A) common stock
B) account payable
C) account receivable
D) retained earnings
E) unearned service revenue
True or false
True or false
Cash for credit $500
True or false
True or false
A) Arrange for a line of credit at the bank, should the funds be needed
B) Pay for all expenditures immediately
C) Convince its creditors to allow payments over a period of time
D) Be efficient and making collections from its customers
A) Prepaid insurance
B) Unearned revenue
D) Accounts receivable
E) Supplies expense
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