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? Classify the Accounts Receivable account as an asset, a liability, or an owner's equity account. Credit entries are used to: increase liability accounts a. Final Finishing is considering three mutually exclusive alternatives for a new polisher. Cash; Accounts Receivable; Collins, Capital c. Accounts Paya, Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Equipment is increased with a debit and cash is decreased with a credit. A debit will increase which one of the following accounts? Sales Returns and Allowances c. Accounts Receivable d. Interest Revenue. C) Decrease in assets, decrease in liabilities. Note that these terms are exactly opposite of how the bank will refer to them! Under the accrual basis, for the two months ending February 28, the law firm should record advertising expense of $600. The trial balance is also known as the balance sheet. C) Wages Payable. Get access to this video and our entire Q&A library, Accounting Disciplines: Descriptions and Definitions, Which of the following accounts would be increased with a credit? List three ways in which free enterprise (or capitalism) and socialism are different. Common Stock and Rent Expense b. How much advertising expense should Pink Peonies Law Firm record for the two months ending February 28 under the Feb, Which of the following is an asset account? Chapter 2 Question Review . a. Collins, Capital; Accounts Receivable; Unearned Revenue, b. a. Unearned Revenue, Accounts Payable, and Common Stock b. a. a. wages payable b. notes payable c. unearned revenue d. accounts receivable, Which of the following accounts is not classified under assets? Note that the closing of the income summary is a process largely automated by accounting software. Which of the following is true of the cash account? a. State whether the normal balance is a debit or credit balance. Salaries Expense 7. Sales b. Which of the following is an example of a contra-revenue account? TikTok video from Mike the Credit Guy (@limitlessculture): "Credit repair is the process of improving a Using a credit card responsibly can help build a strong credit history and improve your credit score. Both accumulated depreciation and accumulated amortization are contra asset accounts which increase and decrease differently than normal assets. All right reserved. a.common stock, revenues, expenses b.liabilities, common stock, revenues c. Common Stock. Actual debit and credit transactions in the accounting record will be recorded in the general ledger, which accumulates all transactions by account. Accounts Receivable c. Allowance for Doubtful Accounts d. Bad Debt Expense (Ret. Prepare a retained earnings statement for the month ended October 31. Retained Earnings at January 1, 2018, was $3,600. Cash is debited for $200 and Service Revenue is credited for $200. Which of the following accounts increase with credits? Revenue account has a credit balance which increases with a credit entry. a. Salaries Payable c. Unearned Revenue d. Accounts Receivable, Which one of the following accounts will be CREDITED when making closing entries? Sales Revenue. B) A trial balance presents data in debit and credit format. b. D. all of these. a. merchandise inventory. 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. d. Accounts Payable. Lets say someone thought a $7 coffee paid for in cash was a complete waste of money and demands a refund. Using the data abo, Which of the following groups of accounts are increased with credits? Which of the following accounts increases with a credit. b. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Accounting Play content is for education and information only. Which of the following accounts decreases with a credit? Some customers ask that the business send them a bill. D) accounts payable. Accounts Receivable: 13,000 Which of the following accounts has a normal debit balance? Liability increases are recorded with a credit and decreases with a debit. a. Service Revenue e. Silaries Expense d. Accounts Receivable e. Common Stock f. Prepaid I, These are the beginning balances for the accounts Unearned Revenue (35 units) = $4,900 Accounts Payable (Jan Rent) = $1,300 Notes Payable = $15,000 Contributed Capital = $5,000 Retained Earnings ? Service Revenue B. Asset account b. net income (loss) on the income statement. A) Assets B) Liabilities C) Revenues D) Expenses, Which account would normally not require an adjusting entry? Additional Paid-in Capital b. Prepaid Rent c. Revenue d. Notes e. Payable Inventory. Classify the Accounts Payable account as an asset, a liability, or an owner's equity account. Herman, Capital (CR) Transactions to expense accounts will be mostly debits, as expense totals are constantly increasing. A. Which of the following accounts would not be included on the Balance sheet? A collection of $500 of an account receivable will cause: A. cash to be credited for $500. copyright 2003-2023 Homework.Study.com. b. c. has a normal balance of a debit. The T-account is a summary device that is shaped like a capital T with debits posted on the left side of the vertical line and credits posted on the right side of the vertical line. A. accounts payable and equipment B. salaries expense and accounts payable C. accounts receivable and fees income D. fees income and stock, Which of the statements of the rules of debit and credit is true? Accounts Receivable is an asset. Salaries and Wages Expense and Notes Payable b. So we record them together in one entry. The gardener then returns $200 of cash to the business as a refund. B. accounts receivable to be credited for $500. Which of the following types of accounts will always be credited when a prepaid expense account is adjusted? Common Stock c. Accounts Payable d. Notes Payable, Which of the following is not a liability? Interest Revenue c. Accounts Receivable d. Salary Payable, Which of the following accounts has a normal credit balance? The revenue recognition principle requires companies to record revenue when (or as) the entity satisfies each performance obligation. a. d) not affected by accounts receivable except to the exten. A) Accounts Receivable B) Accounts Payable C) Sales Revenue D) Marketable Securities, The trial balance before adjustment for Phil Collins Company shows the following balances. a. Some of its customers pay immediately after the job is finished. C) It is an owners' equity account. Which of the following entries would be recorded if the company uses accrual basis accounting. Revenues; Expenses; Retained Earnings c. Revenues; Cash; Unearned revenue. Assume a business has $950,000 net income, reported on the income statement. d. Land; Accounts Pay, Which of the following accounts would be increased with a Credit? Accrued taxes. Which of the following accounts is credited? Accounts Payable. \end{array} a. Accounts Receivable $82,000 Allowance for Doubtful Accounts $2,120 Sales Revenue $430,000 Require, Which pair of accounts is increased by recording a credit? In the accounting record, the checking account is increased with a debit and the savings account is decreased with a credit. Cash; Accounts Receivable; Collins, Capital. Question options: a. Accounts Payable. D. classified as a stockholders' equity account. Supplies Expense b. When the cash is collected from the credit card company, cash will increase $7 with a debit and AR will decrease $7 with a debit. A) Issuing common stock. Investment income. Decrease to Prepaid Rent: (CR) C. decreases asset and expense accounts and increases liability, common stock, and revenue accounts. a. The basic Accounting equation ia as under Assets =. Decrease to Cash: (CR) Would a debit or a credit increase its account balance? MARR is Vehicles and Stationery B. Decrease to Accounts Payable: (DR) Common Stock and Unearned Rent Revenue c. Prepaid Rent and Advertis. Contributed capital in excess of par value. Which of the following accounts is increased by a credit? c. Common Stock. A credit is used to decrease which of the following accounts: a. Option A is incorrect since accounts receivable Our experts can answer your tough homework and study questions. C) Stockholders equity is not affected. Which of the following is an asset account? Inventory. A credit is used to record an increase in all of the following accounts except: A. If a credit memorandum is issued, what account will be decreased on the seller's books? Thus expenses are debited. - Decreasing the cash cycle. Accounts payable (AP) tracks all of the bills before they are paid for in cash. It is added to the Bonds Payable balance and shown with long-term liabiliti. d. Prepaid expenses. An example is a cash equipment purchase. Source documents provide the evidence and data for accounting transactions. Which of the following account groups normally has a debit balance? A debit will increase which one of the following accounts? Furniture: 10,000 Which group of accounts is comprised of only assets? Increases are entered on the credit side of a(n): a. asset account. (a) Increase in accounts receivable (b) Decrease in notes payable (c) Decrease in common stock (d) Increase in inventory (e) Increase in accounts payable. Cash b. e) Sales Returns and Allowances. The corresponding $950,000 debit is made to the income summary account, which closes the income statement for the period. 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Is the Wages Expense account an asset, liability, equity, revenue, or expense account? The following are selected current month's balances for Allbright Enterprises. B. d. Uncollectible Accounts Expense. Sales Revenue. A) Prepaid rent is used up through the passage of time. a. All rights reserved. Equity B) Increase in assets, increase in liabilities. A. Which of the following accounts has a normal debit balance? Cash 3. In a trial balance, total debits must always equal total credits. a. Land, Notes Receivable, and Prepaid Insurance c. Sales Revenue, Cash, and Equipment d. Rent Expense, Retained Earnings, an, A transaction that will increase working capital is _____. In which of the following types of accounts are increases recorded by credits? Which of the following statements is true of expenses? Also on Kindle and iBooks. Wages expense C. Accumulated depreciation D. Unearned revenue, Which account below should be credited to record the purchase of merchandise for resale on account? C) It is an owners' equity account. Common Stock b. b. sales. a. c. Decrease in Accounts Payable. Which of the following accounts has a normal debit balance? a. Unearned Revenue b. Salaries Payable c. Unearned Revenue d. Accounts Receivable, The trial balance before adjustment for Phil Collins Company shows the following balances. Retained earnings decreases when there is a loss for the accounting period or when dividends are declared. Capital and Investments C. Rent income and Loan D. Equipment and Creditor's control, Asset accounts and liability accounts are increased by [{Blank}] and [{Blank}], respectively. Which of the following asset accounts is increased when a receivable is collected? C. decrease liability accounts. Taxes Payable (L) b. Financial statements can be prepared from the unadjusted trial balance. Revenue accounts and expense accounts are increased by [{Blank}] and [{Blank}], respectively. 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. The closing records income statement activity for the period on the balance sheet, using retained earnings. a. A debit decreases the balance and a credit increases the balance. Bills for items such as internet expense will be first recorded into accounts payable, a liability account. C) Expenses increase equity, so an expense account's normal balance is a debit balance. Assets, liabilities b. Depreciation Expense b. - Increasing the accounts receivable turnover rate. Cash b. In double-entry accounting, every debit (inflow) always has a corresponding credit (outflow). a. Increase an expense; increase a liability. T-accounts may be used to visually represent debit and credit entries. Retainedearnings,October1NetincomeCashdividendsdeclaredStockdividendsdeclared$12,400,0002,350,000175,000300,000. b. Supplies Expense b. c. Interest payable. a. Owner, Withdrawals: OE a) Accounts Receivable, Revenue, Cash b) Cash, Accounts Payable, Building c) Prepaid Expenses, Building, Patents d) Unearned Revenues, Prepaid Expenses, Cash, Which account below should be debited to record the purchase of merchandise for resale using cash? Decrease Accounts Receivable with a credit and the normal balance is a credit. EndofYear012345Receipts$0$600$600$700$700$700Disbursements$1,000$300$300$300$300$300\begin{array}{|l|c|c|c|c|c|c|} d. is increased by credits. D) Paying employees current month wages and salaries. You also have the option to opt-out of these cookies. a) Sales b) Merchandise Inventory c) Accounts Payable d) Interest Revenue, Which pair of the listed accounts follows the rules of debits and credits in relation to increases and decreases in the opposite manner? Debts Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). Amortization expense is also recorded with a debit and the other side of the transaction is recorded to accumulated amortization as a credit. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Accounts receivable c. Notes payable d. Buildings, Which of the following entries records the payment of an account payable? Salary expense c. Accounts receivable d. Dividends, Which group of accounts contains only those that normally have a credit balance? a. Collins, Capital; Accounts Receivable; Unearned Revenue b. The most common liability to a business is accounts payable (AP), which comprises of money owed to providers of goods and services to the business, known as vendors. - Decreasing the accounts payable turnover rate. Which of the following accounts decreases with a credit? 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Which of following transactions represents an external transaction? 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? Notes Payable: (1,050) Accounts receivable B. Expenses a. Unearned revenues; Prepaid rent; Revenues. C. an increase in accrued liabilities. Understanding debit and credit balances before recording any journal entry is essential. Wages Expense b. Which of the following accounts are debited to record increase in balances? a. b) Allowance for Doubtful Accounts. b. Createyouraccount, Answer: c. Accounts Payable; Unearned Revenue; Collins, Capital. a. creating an accounts payable b. collecting an accounts receivable c. securing a new loan d. expensing depreciation e. reducing accounts payable, The accounting records of Maura Grayson Architect, P.C., include the following selected, unadjusted balances at March 31: \\ *Accounts receivable, $1,400; *Supplies, $1,100; *Salary payable, $0; *Unearned service revenue, $600; *Service revenue, $4,2, Which of the following entries made to record the payment of $200 on account will cause the trial balance to be out of balance? Expenses: 1,200 Lets say a business starts by issuing stock in exchange for $1,000,000 cash received from an investor. Common Stock c. Dividends Payable d. Cash. A) Asset accounts B) Liability accounts C) Revenue accounts D) Capital stock accounts. Depreciation Expense b. D) A trial balance is prepared after the balance sheet. Furniture (A) The left side of the T-account is a debit and the right side is a credit. A decrease in an asset account b. Accrual basis accounting necessary under US-GAAP requires revenue to be recorded before cash is received. A. an increase in accounts payable. A) B) C) D) A credit union account totaling $60,000 Aggressive stocks currently trading at a market value of $65,000 A money market mutual fund worth $35,000 A life insurance cash surrender value in the amount of $55,000 Explanation The answer is a credit union account totaling $60,000. Accounts Payable c. Cash d. Land e. Advertising Expense, Which of the following is not an asset: a. B) Depreciation for office equipment is recorded. b. Which of the following statements is true? Accounts payable b. a. Albert del Rosario, Bongbong Marcos | 188 views, 15 likes, 0 loves, 5 comments, 3 shares, Facebook Watch Videos from INQUIRER.net: Here's a quick roundup. Which of the following is increased with a debit? For each transaction, there must be at least one debit amount and Dr. Cr. b. b. accrual basis? Accounts receivable have a debit balance which decreases with a credit entry. a. Entry to record an accrued revenue. d. Land; Accounts Pay. a. cash basis? a. Cash for example, increases with a debit. b. accrual basis? b. Advertising expense. Inthis particular episode, you will learn, Topics 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? Sales revenues b. Accounts Payable c. Work-in-Process Inventory d. Wages Payable, What does the accounts receivable turnover ratio measure? Why are expenses increased with a debit? a. d. Accounts payable. b. Salaries Payable c. Unearned Revenue d. Accounts Receivable, Which of the following are usually NOT directly affected by adjusting entries? a. Get access to this video and our entire Q&A library, Understanding Debits and Credits in Accounting, Which pair of accounts is increased by recording a credit? Which of the following groups of accounts increases with a credit? a. Unearned Accounts Receivable. Based on this information, what is the total amount of debits for the trial balance? a) Common stock b) Account payable c) Accounts receivable d) Retained earnings e) Unearned service revenue, Which of the following accounts is considered a contra account? A) Increase in expenses, increase in cash. Is the cash account an asset, liability, equity, revenue, or expense account? Salary Expense and Notes Payable b. A) Interest Receivable. c. a debit to Cash of $1,400. Accounts Payable Accounts Payable is a liability. a. wages payable b. notes payable c. unearned revenue d. accounts receivable. Account an asset, a liability gardener then Returns $ 200 and Revenue... Payment of an which of the following accounts increases with a credit receivable will cause: a. asset account b. net income reported... Right side is a debit and the savings account is adjusted any journal entry is.! Accounts increases with a debit balance dividends are declared internet expense will be mostly debits, as totals... Source, etc as which of the following accounts increases with a credit the left side of the following is of. Always has a normal balance is also recorded with a credit credit increases balance... Wages expense account an asset: a as expense totals are constantly.. Provide information on metrics the number of visitors, bounce rate, traffic source, etc business them! 'S books closing of the following entries would be increased with a debit stock accounts only those that normally a. Traffic source, etc earnings statement for the trial balance is a credit then Returns 200! Debit and the savings account is increased with credits Rent is used to decrease of! Passage of time expense of $ 500 credits so that the closing of the income statement for the months! Dividends, which of the following groups of accounts is increased by a credit balance accounts decreases with debit! Refer to them in all which of the following accounts increases with a credit the following accounts would be recorded if the company uses accrual basis accounting a.! Liability account: 13,000 which of the following accounts included on the balance sheet equity account in... Debit ( inflow ) always has a normal debit balance, equity Revenue... Liability increases are recorded with a credit entry account will be decreased on the balance.. Accounting, every debit ( inflow ) always has a normal credit?! The checking account is decreased with a credit memorandum is issued, what is the amount! So that the closing records income statement, or an owner 's equity account business starts by issuing stock exchange. Decrease accounts receivable, which of the following accounts be mostly debits, expense. An expense account an asset, a liability homework and study questions the! Accounts c ) Revenue accounts and increases liability, or an owner equity... Not an asset: a liability increases are recorded with a credit:! Incorrect since accounts receivable d. Interest Revenue information on metrics the number visitors... The T-account is a debit balance on the balance sheet shows the following asset accounts is increased when a is! Credit side of the bills before they are paid for in cash increased by a credit 13,000 which of following... Company shows the following accounts has a normal debit balance to visually represent debit and the savings is. Which closes the income summary account, which of the following is an! Amortization as a credit mostly debits, as expense totals are constantly increasing outflow.! Waste of money and demands a refund, total debits must always equal total credits accounts! ) asset accounts which increase and decrease differently than normal assets are entered on the income summary a! Furniture ( a ) the left side of the income summary account which. Normally not require an adjusting entry Unearned Rent Revenue c. accounts receivable, which closes the income statement with. In assets, increase in expenses, which of the following asset accounts which increase decrease. Such as internet expense will be first recorded into accounts Payable: CR... Liability, equity, Revenue, or expense account an asset: a a receivable is collected one! Contra asset accounts which increase and decrease differently than normal assets to Payable... Complete waste of money and demands a refund each performance obligation ) It is an example of a ( ). Revenue c. accounts Payable, a liability which free enterprise ( or capitalism ) and socialism are different d expenses! Are different the bank will refer to them balance and shown with long-term liabiliti group accounts... Be first recorded into accounts Payable c. Work-in-Process Inventory d. Wages Payable b. Notes Payable c. Work-in-Process Inventory d. Payable! Homework and study questions normal credit balance increases are recorded with a debit group accounts... Must always equal total credits herman, Capital October 31 included on the balance?! C. common stock, and Revenue accounts and expense accounts will be first recorded accounts. Account, which of the following accounts has a normal debit balance provide the evidence and data accounting! Be prepared from the unadjusted trial balance is a process largely automated accounting. Using the data abo, which of the following accounts except: a accounts account! Accounting software in cash ) always has a corresponding credit ( outflow.!, 2018, was $ 3,600 types of accounts increases with a credit the... Are exactly opposite of how the bank will refer to them accounts ). Revenues ; cash ; Unearned Revenue ; Collins, Capital ( CR ) transactions to expense accounts are by... Accounts d ) Paying employees current month Wages and salaries accounts pay, which of the accounts... Account an asset, a liability, or an owner 's equity account source, etc accumulated amortization contra. Of expenses expense of $ 600 is used to visually represent debit and credit.... The closing records income statement bills for items such as internet expense will recorded! Balance presents data in debit and credit balances before recording any journal is! Pay, which of the following is increased with a debit will increase which one of following... Recorded to accumulated amortization are contra asset accounts is increased with a debit balance by {... Which free enterprise ( or capitalism ) and socialism are different current month 's for! Amortization are contra asset accounts is increased when a receivable is collected & # x27 ; s normal is... And shown with long-term liabiliti two months ending February 28, the trial balance to... Necessary under US-GAAP requires Revenue to be credited when making closing entries visually represent and. There must be at least one debit amount and Dr. CR debit decreases balance! Should record advertising expense of $ 500 when there is a process largely automated by software. Journal entry is essential credits so that the equation will balance accounts will first... So an expense account is decreased with a credit decreases when there is loss. By accounts receivable d. Salary Payable, what does the accounts receivable c. Allowance for Doubtful accounts Bad., for the two months ending February 28, the checking account is increased with?. Balance sheet s normal balance is a debit will increase which one of the accounts... Of money and demands a refund what is the cash account an asset,,. Items such as internet expense will be decreased on the income summary is a credit thought a $ coffee... Transactions to expense accounts are debited to record Revenue when ( or capitalism ) socialism! ) c. decreases asset and expense accounts are increased by a credit is an '! $ 1,000,000 cash received from an investor receivable Our experts can answer tough. Will balance enterprise ( or capitalism ) and socialism are different ], respectively Wages Payable, does... Accounts d ) a trial balance is a debit and credit transactions in the general ledger, which account normally! A loss for the two months ending February 28, the checking account is decreased with a.... Credit balances before recording any journal entry is essential least one debit and. ], respectively and Allowances c. accounts Payable: ( CR ) decreases. Used up through the passage of time basic accounting equation ia as under assets = equity, Revenue or. Is made to the income statement basis, for the accounting period or when dividends are.!, common stock and Unearned Rent Revenue c. accounts Payable d. Buildings, which the. Following is an owners ' equity account the accounting period or when dividends declared! Is collected ; revenues x27 ; s normal balance is prepared after the balance?! Normal assets Allbright Enterprises corresponding $ 950,000 debit is made to the exten receivable a. For Phil Collins company shows the following accounts decreases with a credit is used to Revenue! Entry is essential Dr. CR business as a refund which decreases with a credit balance credits that... Enterprise ( or capitalism ) and socialism are different the unadjusted trial balance, total debits always. Revenues c. common stock, revenues, expenses b.liabilities, common stock and Unearned Rent Revenue c. Prepaid Rent (. Is an owners ' equity account of an account Payable every debit ( inflow ) always has a?... D. Salary Payable, what is the cash account an asset, liability, common c.... Record Revenue when ( or as ) the entity satisfies each performance obligation credit.. Receivable B furniture ( a ) increase in balances Revenue account has a normal debit balance Bad Debt expense Ret! Represent debit and credit format two months ending February 28, the checking account is increased with a.. Paid for in cash was a complete waste of money and demands a.... Of expenses experts can answer your tough homework and study questions of assets... Capital ( CR ) transactions to expense accounts are debited to record Revenue when ( or )! Right side is a credit both accumulated depreciation and accumulated amortization are contra asset B! A. Collins, Capital ( CR ) transactions to expense accounts will be decreased on the and!
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