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A revenue account a - is increased by debits. b - decreased

Resolved Question:

A revenue account
a - is increased by debits.
b - decreased by credits.
c - has a normal balance of a debit.
d - is increased by credits.

An accountant has debited an asset account for $1,000 and credited a liability account for $500. What can be done to complete the recording of the transaction?
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.

An adjusting entry can include a
a - debit to an asset and a credit to a revenue.
b - debit to a revenue and a credit to an asset.
c - credit to an expense and a debit to a revenue.
d - debit to an expense and a credit to a revenue.
Submitted: 5 years ago.
Category: Homework
Expert:  Aun Ali replied 5 years ago.
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Aun Ali, Teacher
Category: Homework
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Experience: Cost and management accountant ( CMA)
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Expert:  Manal Elkhoshkhany replied 5 years ago.

Hello ducoff

 

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Cost and management accountant ( CMA)