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Name: Find the correct statement: (1 Point)(a) Credit an increase in assets
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Description: Find the correct statement: (1 Point)(a) Credit an increase in assets(b) Debit the decrease in expenses(c) Debit the increase in revenue(d) Credit the increase in capital

Business

Accounting

Find the correct statement: (1 Point) (a) Credit an increase in assets (b) Debit the decrease in expenses (c) Debit the increase in revenue (d) Credit the increase in capital

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 5PB: Indicate what impact ( for increase; for decrease) the following transactions would have on the...

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For each item that follows, indicate whether a debit or a credit applies. A. increase in prepaid insurance B. increase in utilities expense C. increase in commissions earned D. increase in supplies E. decrease in retained earnings F. decrease in income taxes payable G. increase in unearned revenue H. increase in salaries expense I. decrease in notes receivable J. increase in common stock
For each of the following independent transactions, indicate whether there was an increase, a decrease, or no impact for each financial statement element. Table 2.9
DEBIT AND CREDIT ANALYSIS Complete the following statements using either debit or credit: (a) The cash account is increased with a __________. (b) The owners capital account is increased with a __________. (c) The delivery equipment account is increased with a __________. (d) The cash account is decreased with a __________. (e) The liability account Accounts Payable is increased with a __________. (f) The revenue account Delivery Fees is increased with a __________. (g) The asset account Accounts Receivable is increased with a __________. (h) The rent expense account is increased with a __________. (i) The owners drawing account is increased with a __________.
Find the correct statement:(i) Credit a decrease in assets(ii) Credit the increase in expenses(iii) Debit the increase in revenue(iv) Credit the increase in capital
In recording transactions, a. Assets, expenses, and capital accounts are debited for increases b. Assets, expenses, and drawing accounts are debited for increases c. Liabilities, revenue, and drawing accounts are debited for increases d. The word "debit" means increase and the word "credit" means a decrease
A credit is used to record an increase in all of the following accounts exceptA. Utility Expense.B. Share Capital.C. Accounts Payable.D. Service Revenue.2. Generally, all of the following financial statements can be prepared with informationfrom the trial balance exceptA. Income Statement.B. Statement of Cash Flows.C. Statement of Retained Earnings.D. Statement of Financial Position.3. The Dividends account is increased with a debit because dividendsA. are an expense.B. are declared an asset.C. reduce liabilities.D.result in a decrease in equity, so debiting Dividends would have the effect ofdecreasing Equity.4. When a company pays cash for a truck, what is the effect on the accounting equationfor that company?A. Increase assets and increase liabilities.B. Decrease assets and decrease liabilities.C. Increase assets and increase equity.D. No net change.5. Gordon Company was recently formed with a $5,000 investment in the company byshareholders. The company then borrowed $2,000 from a…
InstructionsIndicate with the appropriate letter whether each of the transactions above results in: (a) An increase in assets and a decrease in assets. (b) An increase in assets and an increase in owner’s equity. (c) An increase in assets and an increase in liabilities. (d) A decrease in assets and a decrease in owner’s equity. (e) A decrease in assets and a decrease in liabilities. (f) An increase in liabilities and a decrease in owner’s equity. (g) An increase in owner’s equity and a decrease in liabilities.
1. Information of the financial performance is provided by _______ . a. Statement of profit and loss b. Statement of changes in owners c. Statement of financial position d. Cash flow statement 2. The following are terms used synonymously with equity except a. Capital b. Net Assets c. Net worth d. Revenue 3. Information about the revenue and expenses is provided by _____. a. Statement of changes in equity b. Statement of Cash Flow c. Statement of Financial position d. Statement of performance 4. Information on changes in Assets, Liabilities and Owners Equity account a. Statement of changes in equity b. Statement of Cash Flow c. Statement of Financial position d. Statement of performance
b. Give an example for each of the following types of transactions for the accounting equation: i. Increase in one asset, decrease in another asset.ii. Increase in an asset, increase in liability.iii. Increase in an asset, increase in owner’s equity capital.iv. Decrease in an asset, decrease in liability.v. Decrease in an asset, decrease in owner’s capital.
If current assets exceed current liabilities, payments of accounts payable willa. decrease the current ratio.b. increase the current ratio.c. decrease working capital.d. increase working capital.
Earning revenue a.increases one asset, decreases another asset b.decreases assets, increases liabilities c.increases assets, decreases stockholders' equity d.increases assets, increases stockholders' equity
Accounting equation: equipment purchased on credit from macro will result in an: 1. Increase in assets and decrease in incomes or 2. Increase in expences and increase in liabilities or 3. Increase in assets and increase in liabilities or 4. Increase in assets and decrease in expenses