26) The left side of the T-account for Accounts Receivable is the debit side and the left side of the T-account for Accounts Payable is the credit side. A. True or B. False 27) An asset account is increased by a debit. A. True or B. False 28) Which of the following accounts decreases with a debit? A) Accounts Receivable; B) Notes Payable; C) Cash; D) Rent Expense Please provide reason for your answer

26) The left side of the T-account for Accounts Receivable is the debit side and the left side of the T-account for Accounts Payable is the credit side. A. True or B. False 27) An asset account is increased by a debit. A. True or B. False 28) Which of the following accounts decreases with a debit? A) Accounts Receivable; B) Notes Payable; C) Cash; D) Rent Expense Please provide reason for your answer

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 2QY: Which of the following statements is correct? a. Increases to cash are shown on the right side of...

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Similar questions

Which of the following statements is correct? a. Increases to cash are shown on the right side of the account. b. Decreases to accounts payable are shown on the right side of the account. c. Decreases to supplies are shown on the right side of the account. d. Increases to rent expense are shown on the right side of the account.
What is the impact on the accounting equation when a payment of account payable is made? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
Indicate the net effect ( for increase; for decrease; 0 for no effect) of each of the following transactions on each part of the accounting equation, . For example, for payment of an accounts payable balance, . A. sale of merchandise to customer on account B. payment on note payable C. purchase of equipment for cash D. collection of accounts receivable E. purchase of supplies on account
For the following accounts indicate whether the normal balance is a debit or a credit. A. Unearned Revenue B. Interest Expense C. Rent Expense D. Rent Revenue E. Accounts Payable F. Cash G. Supplies H. Accounts Payable I. Equipment J. Utilities Expense
Which set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earnings
Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payable
Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payable
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When fees are earned and the customer promises to pay later, which account is debited? (a) Cash (b) Accounts Receivable (c) Accounts Payable (d) Capital
Which of the following applications of the rules of debit and credit is true?a) Increase rent expense with debits and the normal balance is a debit.b) Decrease accounts receivable with credits and the normal balance is a credit.c) Increase accounts payable with credits and the normal balance is a debit.d) Decrease cash with debits and the normal balance is a credit.
Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.Required:For each transaction, indicate whether it would increase (I), decrease (D), or have no effect (NE) on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)
Which of the following accounts decreases with a debit? A) notes payable B) cash C) accounts receivable D) rent expense For expenses, the category of account and its normal balance is ______ A) assets and a debit balance B) equity, and a credit balance C) equity, and a debit balance D) assets, and a credit balance Ranger pool company received cash of $40,000 and issued common stock which of the following accounts will be credited? A) cash B) accounts receivable C) common stock D) accounts payable