Identify whether a debit or credit results in the indicatec change for each of the following accounts. To increase Prepaid Insurance b. To decrease Prepaid Rent c. To increase Utilities Expense Credit d. To increase Consulting Revenue e. To decrease Notes Receivable f. To decrease Office Supplies Credit g. To increase Unearned Ticket Revenue h. To decrease Furniture i. To increase Common Stock Credit i To increase Store Supplies

Identify whether a debit or credit results in the indicatec change for each of the following accounts. To increase Prepaid Insurance b. To decrease Prepaid Rent c. To increase Utilities Expense Credit d. To increase Consulting Revenue e. To decrease Notes Receivable f. To decrease Office Supplies Credit g. To increase Unearned Ticket Revenue h. To decrease Furniture i. To increase Common Stock Credit i To increase Store Supplies

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 5QY: M. Parish purchased supplies on credit. What is the impact on the accounting equation? a. Increase...

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M. Parish purchased supplies on credit. What is the impact on the accounting equation? a. Increase Supplies and decrease Cash. b. Increase Supplies Expense and increase Accounts Payable. c. Increase Supplies Expense and increase Accounts Receivable. d. Increase Supplies and increase Accounts Payable.
A credit is used to decrease which of the following accounts (more than one may be correct)? Multiple correct question Service Revenue Insurance expense Dividends Cash
When writing off a customer's account using the allowance method: A. Bad Debts Expense is increased with a debit B. The customer's account is decreased with a debit C. The Allowance for Bad Debts account is decreased with a debit D. Bad Debts Expense is increased with a credit
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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
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Sales made to Ahmed on credit should be debited to? Select one: a. Cash A/C b. Account Receivable A/C c. Sales A/C d. Account Payable A/C hen the owner withdraws money from the business for personal use -Which of the following has correct effect on accounting equation? Select one: a. Expense increase and Cash decrease b. Cash increase and Capital increase c. Cash decrease and Capital decrease d. Income increase and Cash decrease
Identify whether a debit or credit results in the indicated change for each of the following accounts. To decrease Prepaid Rent
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to attract new customers and A company offers 0% credit for new purchases as a result increased or sales but also increase our accounts receivable why would this be a problem for the company?
Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit. (a) (b) Recorded As Normal Balance 1. Increase in Common Stock 2. Increase in Dividends 3. Decrease in Accounts Receivable 4. Increase in Note Payable 5. Increase in Accounts Payable 6. Decrease in Supplies 7. Decrease in Salaries Expense 8. Increase in Accounts Receivable 9. Increase in Cash 10. Decrease in Land