How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Bizhelp Your Own Question
Bizhelp
Bizhelp, CPA
Category: Homework
Satisfied Customers: 5884
Experience:  Bachelors Degree and CPA with Accounting work experience
23848519
Type Your Homework Question Here...
Bizhelp is online now
A new question is answered every 9 seconds

Debits are used to record increases in: A. assets. B.

This answer was rated:

Debits are used to record increases in:

A. assets.

B. revenue.

C. owner's equity.

D. liabilities.


Question 2 of 20
5.0 Points
Credits are used to record:

A. decreases in assets and owner's equity and increases in liabilities.

B. decreases in assets, liabilities, and owner's equity.

C. decreases in liabilities and increases in assets and owner's equity.

D. increases in liabilities and owner's equity.


Question 3 of 20
5.0 Points
A firm paid cash to apply against a debt. To record this transaction, the accountant would:

A. debit Accounts Receivable and credit Cash.

B. debit Accounts Payable and credit Cash.

C. debit Cash and credit Accounts Payable.

D. credit Cash and credit Accounts Payable.


Question 4 of 20
5.0 Points
When revenue is earned from charge-account sales, the accountant:

A. debits a revenue account and credits the capital account.

B. debits Accounts Receivable and credits a revenue account.

C. debits a revenue account and credits Accounts Receivable.

D. debits Cash and credits a revenue account.


Question 5 of 20
5.0 Points
The account used to record increases in owner's equity from the sale of goods or services is the __________ account.

A. revenue

B. Cash

C. capital

D. drawing


Question 6 of 20
5.0 Points
Which of the following types of accounts normally have debit balances?

A. Assets and revenue

B. Assets, liabilities, and owner's equity

C. Expenses and assets

D. Liabilities and owner's equity


Question 7 of 20
5.0 Points
Which of the following groups contain only accounts that normally have credit balances?

A. Accounts Receivable and Fees Income

B. Salaries Expense and Accounts Payable

C. Fees Income and XXXXX XXXXX, Capital

D. Accounts Payable and Equipment


Question 8 of 20
5.0 Points
If the trial balance totals are not equal, the error may have been caused by a transposition if the difference is divisible by:

A. 2.

B. 7.

C. 9.

D. 5.


Question 9 of 20
5.0 Points
When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by:

A. 2.

B. 7.

C. 9.

D. 5.


Question 10 of 20
5.0 Points
Which of the following increase owner's equity?

A. Expenses

B. Revenue

C. Withdrawals

D. Receiving cash from customers


Question 11 of 20
5.0 Points
If assets are numbered from 100-199, which of the following accounts would not be given a number in the 100 series?

A. Supplies

B. Accounts Payable

C. Prepaid Rent

D. Accounts Receivable


Question 12 of 20
5.0 Points
Which of the following accounts is NOT a permanent account?

A. Cash

B. Accounts Payable

C. Salaries Expense

D. Thomas Bernard, Capital


Question 13 of 20
5.0 Points
The net income or net loss from the income statement is transferred to the:

A. balance sheet.

B. chart of accounts.

C. statement of owner's equity.

D. trial balance.


Question 14 of 20
5.0 Points
The normal balance of an account is the __________ side of the account.

A. increase

B. decrease

C. left

D. right


Question 15 of 20
5.0 Points
When there are several entries to one or both sides of an account, the total of those entries is entered in pencil. This is called:

A. balancing.

B. verifying.

C. totaling.

D. footing.


Question 16 of 20
5.0 Points
If a trial balance is not in balance (the Debit and Credit columns are not equal), a logical first step is to:

A. check each account balance calculation.

B. check each account balance in the general ledger
to the trial balance number.
C. check the addition of each column.

D. divide the difference by either 9 or 2.


Question 17 of 20
5.0 Points
The Net Income amount from the Income Statement is used as a line item on which statement?

A. The profit and loss statement

B. The statement of owner's equity

C. The balance sheet

D. The trial balance


Question 18 of 20
5.0 Points
The ending balance of the capital account appears as a separate line item on what two statements?

A. The trial balance and the income statement

B. The statement of owner's equity and the income statement

C. The statement of owner's equity and the balance sheet

D. The income statement and the balance sheet


Question 19 of 20
5.0 Points
An accounting system that involves recording the effects of each transaction as debits and credits is:

A. completing one T account.

B. the double-entry system.

C. preparing financial statements.

D. analyzing a business transaction.


Question 20 of 20
5.0 Points
Which of the following would cause the Trial Balance to be out of balance?

A. Placing the Capital account balance in the Credit column

B. Placing the Equipment account balance in the Debit column

C. Placing the Rent Expense account balance in the Debit column

D. Placing the Accounts Receivable balance in the Credit column
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
Bizhelp and 2 other Homework Specialists are ready to help you

Related Homework Questions