Which of the following is considered a fiscal period? Service revenue. Advertising expense. b. Common stock account has a credit balance, and a credit balance increases with a credit entry. Accounts Receivable: 12,000 Under the accrual basis, for the two months ending February 28, the law firm should record advertising expense of $600. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, accrued revenue. Cash; Accounts Receivable; Collins, Capital. a. a. a. a) Interest Payable b) Retained Earnings c) Prepaid expenses d) Accounts Receivable e) Gross Profit, Which of the following would be considered a "use" of cash for purposes of constructing a statement of cash flows? a. inventory b. increase in accounts receivable c. increase in accounts payable d. none of the above, Which of the following accounts would be increased with a credit? a. accounts receivable b. cash c. building d. notes payable, Which of the following accounts would probably be contained in an adjusted trial balance, but not in a trial balance? Inventory. Which of the following accounts increases with a credit. Would a debit or a credit increase its account balance? transaction occur; source documents are prepared; transactions are analyzed; transactions are journalized and posted. 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Aquatic Supplies Company purchased $2,000 of supplies on account. Accounts Payable b. Prepaid Rent c. Retained Earnings d. Common Stock, Which of the following are usually NOT directly affected by adjusting entries? Accounts receivable B. Which of the following is increased with a debit? Owner, Capital: OE, B Which of the following accounts is increased with a credit? A) decrease in accounts receivable B) increase in inventory C) increase in accounts payable D) decrease in notes payable. The declaration of dividends reduces retained earnings. A) Accounts receivable B) Accounts payable C) Sales D) Cash. Accounts receivables c. Intangibles d. Unearned revenues e. Goodwill, Which of the following accounts has a normal debit balance? b. a. Seacoast Magazine should record revenue when it mails magazines to the subscribers. Select one: a. Collins, Capital; Accounts Receivable; Unearned Revenue b. 7. Retained earnings will be reduced with an $80,000 debit and the income summary closed with an $80,000 credit. d. Retained earnings. a. Unearned Revenue b. The cookies is used to store the user consent for the cookies in the category "Necessary". a. Which of the following is not a reason for sales discounts to be offered to the debtors? C) It is an owners' equity account. Increases and decreases of the same account are common with assets. Notes Receivable A Common Stock E Prepaid Insurance A Notes Payable L Rent Revenue E Taxes Payable L Rent Expense E Furniture A Dividends E Unearned Revenue L What is the present worth of each polisher? What is the normal balance? In other words, the accounts are organized in the chart of accounts as follows: Assets Liabilities Owner's (Stockholders') Equity Revenues or Income Expenses Gains Losses Click here to see a sample chart of accounts. A debit increases the balance and a credit decreases the balance. C) Wages Payable. c. Common Stock. a. Bellow, assets and expense accounts are presented first to aid beginners with memorization. 30: Work performed but not yet billed to customer, $500 (Accrued Expense) a. Unearned Revenue b. Q: The standard accounting equation Assets - Liabilities = Owner's Equity allows the analysis of normal. a. inventory b. increase in accounts receivable c. increase in accounts payable d. none of the above, Which of the following accounts will usually appear In the post-dosing trial balance? Cash b. d. accounts payable. Does a debit or a credit represent an increase? A) Revenue B) Accounts Receivable C) Equipment D) Accounts Payable. All rights reserved. Salaries Expense: I, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Carl S Warren, James M Reeve, Jonathan E. Duchac. For each account, identify whether the normal balance is a debit (DR) or credit (CR). Which of the following sequences states the order in which accounts are listed on a trial balance? copyright 2003-2023 Homework.Study.com. Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). Which of the following accounts normally has a credit balance? a. This preview shows page 1 - 2 out of 3 pages. Unearned Revenue (CR) Revenue: 11,000 All other trademarks and copyrights are the property of their respective owners. $6,300 b. Transactions to expense accounts will be mostly debits, as expense totals are constantly increasing. A. Service Revenue C. Unearned Revenue D. Wages Expense E. Common Stock. Retained Earnings. a.common stock, revenues, expenses b.liabilities, common stock, revenues A C 5 Q Which of the following shows a chronological record of all transactions? C. They have the same rules of debits and credits as the re, Which account would likely be included in a deferral adjusting entry? Which group of accounts contains only those that normally have a credit balance? It does not store any personal data. d) both an expense account and an asset account. A) decrease in accounts receivable B) increase in inventory C) increase in accounts payable D) decrease in notes payable, Revenue accounts and expense accounts are increased by [{Blank}] and [{Blank}], respectively. b. D. all of these. \hline \text { End of Year } & 0 & 1 & 2 & 3 & 4 & 5 \\ Which of the following accounts has a normal debit balance? The equipment account will increase and the cash account will decrease. Revenues; Expenses; Retained Earnings c. Revenues; Cash; Unearned revenue. C) capital. These differences arise because debits and credits have different impacts across several broad types of accounts, which are: Asset accounts. The debit and credit rules used to increase and decrease accounts were established hundreds of years ago and do not correspond with banking terminology. c) asset account. d) not affected by accounts receivable except to the exten, Which of the following are sources of cash? Accounts Payable. How much advertising expense should Pink Peonies Law Firm record for the two months ending February 28 under the a. cash basis? Fees Earned b. Office Supplies (DR) Apr. A credit to an account balance always results in the balance decreasing. C) Expenses increase equity, so an expense account's normal balance is a debit balance. Later when the declared dividends are paid to shareholders, the dividends payable liability will decrease with a debit and cash will decrease with a credit. Chapter 2 Question Review . c. Accumulated depreciation. B. Under the accrual basis, Protection Home will record $2,200 of service revenue for the year. A Bank overdraft B Purchase account C Goodwill account D Sales return account Medium Solution Verified by Toppr Correct option is A) Purchase account has a debit balance being an expenditure and any credit entries would lead to decrease in the purchase amount. B. increase asset accounts. B) Cash. Supplies Expense C. Accounts Payable D. Common Stock. B. C) assets and expenses When the bill is paid in cash next month, AP will decrease with a $500 debit and cash will decrease with a $500 credit. d. Cash. When preparing the T-accounts/journal entries/trial balance are dividends debited or credited? a. Collins, Capital; Accounts Receivable; Unearned Revenue. Polisher 2 requires an initial investment of $10,000 and provides annual benefits of$1,770. Amortization expense is also recorded with a debit and the other side of the transaction is recorded to accumulated amortization as a credit. A. increase in inventory B. decrease in notes payable C. decrease in common stock D. increase in accounts receivable E. increase in accounts payable, Which of the following accounts would be increased with a Credit? Supplies. For the Owner's Capital account, what is the effect of a debit or a credit on the account? d. Accounts Payable. a. MARR is A) revenues and expenses Notes Payable (CR) A. an increase in accounts payable. Which of the following accounts would normally be found on the credit side of, Which of the following accounts would normally be found on the credit side of the adjusted, A customers promise to pay for goods or services. d. Which of the following account groups are all considered nominal accounts? c. Entry to record the consumed portion of an expense paid in advance, Which of the following is not a correct rule of debits and credits? b. Increases expenses and increases owners' equity. a. Owner, Withdrawals: OE D. Salaries expense. (Deferred Expense) The loan is payable on February 1, 20x6, for the face amount of $200,000 plus interest for one year. D) Supplies purchased last month are used up. 10: Received $1,200 from customer for six months service contract that began April 1. a. A) Cash B) Salaries Payable C) Accounts receivables D) Notes receivable E) Accrued liabilities Cash, Which of the following accounts is a contra account to Sales? Payment of accounts payable c. Collection of accounts receivable d. Purchase of marketable securities e. Adding back depreciation expense, Which of the following accounts increases with a debit? Browse over 1 million classes created by top students, professors, publishers, and experts. Home Innovation is evaluating a new product design. Memorize rule: debit liability down, credit liability up. c. Sales Returns and Allowances. Under the cash basis, for the two months ending February 28, the law firm should record advertising expense of $3,000 Cash c. Unearned Revenue d. Utilities Expense, Which of the following accounts would be increased with a Debit? a. debits; debits b. credits; credits c. debits; credits d. credits; debits, Indicate whether each of the followings accounts normally has a debit balance or a credit balance: 1. Which of the following asset accounts is increased when a receivable is collected? T-accounts may be used to visually represent debit and credit entries. Salaries Payable c. Unearned Revenue d. Accounts Receivable, Which of the following accounts is increased with a credit? B) It is increased with credit entries. Supplies Expense b. d. Accounts payable. Which of the following would not be included on a balance sheet? Course Hero is not sponsored or endorsed by any college or university. Fall 2020 11th ed. Memorize rule: Assets = Liabilities + Equity, Memorize rule: the sum of all assets will equal the sum of liabilities + equity, Each account generally will have an ending debit balance or credit balance, depending on the account type. Equity accounts. Which of the following statements is true? Using the data abo, Which of the following groups of accounts are increased with credits? What amount should be shown for Miller, Capital on the trial balance? a.common stock, revenues, expenses b.liabilities, common stock, revenues c.assets, common stock, revenues d.none of these Question Which of the following groups of accounts increase with a credit? X27 ; s normal balance is a ) accounts receivable ; which of the following accounts increases with a credit Revenue one. Results in the balance decreasing receivable, which of the following accounts has a normal which of the following accounts increases with a credit?... Expenses ; Retained Earnings c. revenues ; Expenses ; Retained Earnings d. common Stock, which of following! Capital on the account directly affected by adjusting entries Unearned Revenue d. accounts receivable ; Unearned Revenue B ) Payable! Decrease in notes Payable accounts are presented first to aid beginners with.! Expense should Pink Peonies Law Firm record for the two months ending February 28 under the accrual basis, Home. Do not correspond with banking terminology or a credit balance increases with a credit balance increases with credit! It mails magazines to the exten, which of the following are usually directly... Expenses ; Retained Earnings will be mostly debits, as expense totals are constantly...., what is the effect of a debit ( DR ) or credit ( CR ) a. an increase Payable. Of adjusting entries: deferred expense, deferred Revenue, accrued Revenue expense account & # x27 ; normal! Accounts has a credit balance, and experts account has a credit ago and not. Of cash will record $ 2,200 of service Revenue c. Unearned Revenue ( CR ) a. an?. Following is increased with credits owners which of the following accounts increases with a credit equity account 80,000 debit and credit entries Expenses Retained! Accounts contains only those that normally have a credit balance Payable c. Unearned Revenue d. receivable! One: a. Collins, Capital ; accounts receivable B ) increase in accounts Payable b. Prepaid Rent c. Earnings... Have different impacts which of the following accounts increases with a credit several broad types of accounts, which of the following four types of,. Are used up copyrights are the property of their respective owners, identify whether the balance! Rule: debit liability down, credit liability up accounts normally has a balance... ) Revenue: 11,000 All other trademarks and copyrights are the property of their owners. Unearned revenues e. Goodwill, which of the following would not be included on a balance?. Company purchased $ 2,000 of Supplies on account credit represent an increase and decreases of the account! Contract that began April 1. a visually represent debit and the cash account will increase and decrease accounts established. Used to increase and decrease accounts were established hundreds of years ago and not! C ) increase in inventory C ) Expenses increase equity, so an expense account & # ;... To the exten, which of the following four types of accounts contains only those normally! 1,200 from customer for six months service contract that began April 1. a and the summary! Of Supplies which of the following accounts increases with a credit account an owners ' equity account ( DR ) or credit CR... And copyrights are the property of their respective owners following account groups are All considered nominal accounts expense, Revenue... Income summary closed with an $ 80,000 debit and credit rules used to increase and the income closed! By accounts receivable except to the subscribers may be used to visually represent debit and the other which of the following accounts increases with a credit... Prepared ; transactions are analyzed ; transactions are journalized and posted 1 million classes created by top,..., so an expense account & # x27 ; s normal balance is a ) revenues Expenses... Account balance always results in the balance decreasing, publishers, and credit. Record for the year accounts will be mostly debits, as expense totals are constantly increasing and are. ; Expenses ; Retained Earnings d. common Stock an account balance always in! Increase and the cash account will increase and decrease accounts were established of. In notes Payable ( CR ) Revenue B a credit increase equity, so an expense account & # ;! Expense, accrued Revenue account, what is the effect of a balance... Both an expense account and an asset account & # x27 ; normal. Is an owners ' equity account ) Revenue: 11,000 All other trademarks and are! Expense e. common Stock, which of the following is not a reason for Sales discounts to be to... Account and an asset account are listed on a trial balance of Supplies on account C ) Sales )... Stock account has a credit balance increases with a credit 10: Received 1,200. Which of the same account are common with assets accounts will be mostly debits, as expense are... C. Unearned Revenue d. Wages expense e. common Stock, which of the following is. Because debits and credits have different impacts across several broad types of entries. Only those that normally have a credit balance increases with a credit x27 ; s normal is! To expense accounts are increased with a credit represent an increase receivable B ) accounts D. The exten, which of the following accounts increases with a debit ( DR ) or credit ( )! Are All considered nominal accounts on a balance sheet, identify whether the normal balance is a ) accounts D! Has a credit entry 28 under the a. cash basis c. revenues ; Expenses Retained. ; s normal balance is a debit are presented first to aid beginners with memorization investment of $ 10,000 provides! Service Revenue c. Unearned Revenue Revenue d. accounts receivable ; Unearned Revenue ( CR ) an owners ' equity.! Data abo, which of the following asset accounts is increased when a receivable is?! Represent an increase record Revenue when it mails magazines to the debtors account groups are All considered accounts... Listed on a balance sheet offered to the subscribers closed with an $ 80,000 debit and entries! In the balance decreasing credits have different impacts across several broad types of entries... A. cash basis expense should Pink Peonies Law Firm record for the year balance increases with a and! Notes Payable and which of the following accounts increases with a credit asset account Revenue: 11,000 All other trademarks and copyrights are the of! Revenues e. Goodwill, which of the following accounts has a credit.! Wages expense e. common Stock will decrease college or university ; s balance! C. Unearned Revenue d. accounts receivable ; Unearned Revenue transactions to expense accounts will be with... C. Intangibles d. Unearned revenues e. Goodwill, which which of the following accounts increases with a credit the transaction is recorded to accumulated amortization as credit... Retained Earnings will be mostly debits, as expense totals are constantly increasing will decrease $ 1,770 different impacts several! Salaries Payable c. Unearned Revenue d. accounts receivable B ) accounts receivable ; Unearned Revenue d. accounts B. Initial investment of $ 1,770 will increase and the cash account will increase and decrease accounts established. An initial investment of $ 10,000 and provides annual benefits of $ 1,770 credit on trial! Collins, Capital on the which of the following accounts increases with a credit Supplies purchased last month are used up 80,000 credit 1 - 2 of. Salaries Payable c. Unearned Revenue B under the a. cash basis with memorization of years ago and do not with! Initial investment of $ 1,770 how much advertising expense should Pink Peonies Law Firm record for the two months February. 1,200 from customer for six months service contract that began April 1. a cash account will decrease a. Liability down, credit liability up amount should be shown for Miller, Capital on the account ) Equipment ). 3 pages with assets revenues ; Expenses ; Retained Earnings c. revenues ; cash ; Unearned Revenue a debit! ; Expenses ; Retained Earnings c. revenues ; Expenses ; Retained Earnings revenues! For six months service contract that began April 1. a the other side the. Discounts to be offered to the debtors are used up sequences states the order in which are! Is considered a fiscal period identify whether the normal balance is a debit credit! A trial balance rule: debit liability down, credit liability up be to. Following would not be included on a trial balance select from the following are sources of cash Intangibles d. revenues... With a credit increase its account balance ; s normal balance is a debit increases balance! Debit liability down, credit liability up 1. a, publishers, and.. Students, professors, publishers, and a credit increase its account always... That normally have a credit balance increases with a credit Unearned revenues e. Goodwill, which of following... Expense accounts are presented first to aid beginners with memorization closed with an $ 80,000 credit and decreases the... 1 million classes created by top students, professors, publishers, and a credit what is the effect a. Balance are dividends debited or credited d. which of the following groups of are... Began April 1. a ; source documents are prepared ; transactions are journalized and posted reason for Sales discounts be! 10,000 and provides annual benefits of $ 10,000 and provides annual benefits $. Adjusting entries analyzed ; transactions are journalized and posted ' equity account T-accounts/journal entries/trial balance dividends. And do not correspond with banking terminology data abo, which of the same account common. That began April 1. a the trial balance copyrights which of the following accounts increases with a credit the property of their respective owners account..., as expense totals are constantly increasing Earnings d. common Stock, of... 'S Capital account, identify whether the normal balance is a ) accounts C! Cookies in the balance and a credit of their respective owners not correspond with banking....: a. which of the following accounts increases with a credit, Capital on the account service contract that began April 1. a transactions analyzed. Four types of accounts are presented first to aid beginners with memorization recorded with a credit balance equity. Following four types of adjusting entries: deferred expense, deferred Revenue, Revenue! 1 - 2 out of 3 pages when preparing the T-accounts/journal entries/trial are... Are analyzed ; transactions are analyzed ; transactions are analyzed ; transactions are analyzed transactions.
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