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If prices are payment in cash, then a. Assets will decrease. B. Liabilities will decrease. C. Stockholders\" equity will certainly increase. D. Assets will increase.
When collection is made on account Receivable, a. Full assets will certainly decrease. B. Stockholders equity will certainly increase. C. Total assets will continue to be the same. D. Complete assets will certainly increase.
Debits a. Diminish assets and increase liabilities. B. Increase both assets and liabilities. C. Increase assets and decrease liabilities. D. Diminish both assets and liabilities.
The regular balance of any kind of account is the a. Side which decreases that account. B. Left side. C. Next which rises that account. D. Best side.
The double-entry mechanism requires that each transaction must be tape-recorded a. In at least two different accounts. B. In 2 sets of books. C. In a journal and in a ledger. D. An initial as a revenue and then as an expense.
A revenue account a. Is boosted by debits. B. Has actually a regular balance of a debit. C. Is boosted by credits. D. Is diminished by credits.
An accountant has actually debited an legacy account because that $1000 and also credited a legal responsibility account for $500. What can be done to finish the record of the transaction? a. Debit an additional asset account for $500. B. Credit transaction a various asset account for $500. C. Nothing further must be done. D. Debit a stockholders\" same account for $500.
Which the the following accounts is increased with a credit? a. Supplies expense b. Provides c. Sales Revenue d. Dividends
When a firm performs a business but has not yet got payment, the a. Renders no entry till cash is received. B. Debits accounts Receivable and credits service Revenue. C. Debits service Revenue and credits accounts Payable. D. Debits service Revenue and also credits account Receivable.
A revenue account a. Is increased with a credit. B. Is lessened with a credit. C. Has a typical balance that a debit. D. Is boosted with a debit.
In the very first month of operations, the total of the debit entries come the Cash account price to $3000 and the total of the credit transaction entries come the Cash account amounted to $1800. The Cash account has a a. $1200 debit balance. B. $1800 credit balance. C. $1800 credit transaction balance. D. $3000 debit balance.
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Which of the complying with accounts has a normal debit balance? a. Retained income b. Common Stock c. Accounts Payable d. Prepaid Rent
Which that the adhering to journal entries is tape-recorded correctly and also in the simple format? a. Salaries and also Wages price 550 Advertising price 950 Cash 1500 b. Salaries and also Wages expense 550 Advertising cost 950 Cash 1600 c. Cash 1500 Salaries and Wages price 550 Advertising cost 950 d. Salaries and Wages cost 550 Cash 1500 Advertising expense 950
A journal a. Is a repertoire of the whole group the accounts maintained by a company. B. Gives a chronological document of transactions. C. Should display accounts in alphabetical order. D. Includes only asset and liability accounts.
Fundamentals of corporate Finance11th EditionBradford D. Jordan, Randolph W. Westerfield, Stephen A. Ross
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