crease in revenue is on the credit side hence a decrease in expense is also on credit side true or false
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an increase in revenue is on the credit side hence a decrease in expense is also on credit side
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- What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesIf a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?Which one of the following statements about revenue is not correct?A. Revenue can result in increases in accounts receivableB. Revenue can result in increases in liabilitiesC. Revenue is earned whenever cash is received from a customerD. Revenue is earned when a service is provided to a customer
- Interest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed debits * True FalseIn profit and loss account, if debit is more than the credit, the difference is [A] net profit [B] net loss [C] gross profit [D] none of the aboveWhich of the following statements is correct? Prepaid Expenses are decreased with a debit. Unearned Revenue is increased with a debit. Rent Expense is increased with a credit. Accounts Payable is increased with a credit.
- 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.Recording bad debt expense under the allowance method will have what effect on the financial statements? Select one: a. Profit is unchanged and total assets decrease b. Profit decreases and total assets is unchanged c. Profit is unchanged and total assets is unchanged d. Profit increases and total assets decrease e. Profit decreases and total assets decreaseAn adjusting entry would adjust revenue so it is reported when earned and not when cash is received. true false?
- Which situation indicates loss on the income statement a. Total debits exceed total credits b. Total credits exceed total debits c. None of the choices d. Total debits equal total creditsWhich of the following rules is incorrect ? The answer is A. Debits increase the capital account . B . Credits increase revenue accounts . C. Credits decrease the drawing account . D. Debits decrease liability accounts .Debit means increase and credit means decrease. Is this statement always true? Explain.