1. All of the following are assets except a. unearned revenue b. cash c equipment d. inventory 2. Entries recorded in the right side of any account are called. c. decreases a. increases 3. Credits are used to record a. decreases in liabilities c. increases in expenses b. credits d. debits b. decreases in owner's equity d. increases in income 4. The withdrawal account of a sole proprietorship is debited when a. the owner invest cash b. the owner withdraws cash c an expense is paid d. a liability is paid
1. All of the following are assets except a. unearned revenue b. cash c equipment d. inventory 2. Entries recorded in the right side of any account are called. c. decreases a. increases 3. Credits are used to record a. decreases in liabilities c. increases in expenses b. credits d. debits b. decreases in owner's equity d. increases in income 4. The withdrawal account of a sole proprietorship is debited when a. the owner invest cash b. the owner withdraws cash c an expense is paid d. a liability is paid
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation
Section1.2: How Business Activities Change The Accounting Equation
Problem 1WT
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