The increase in expenses and decrease in payables should be debited* O True O False

Q: Debit means decrease and credit means increase True or false? Please explain

A: In accounting, journal entries are prepared in the form of debit and credit.

Q: Revenues come from sales of goods and services to customers and result in A.decreased assets or…

A: Revenue is the amount earned by the company from the sales of goods or services. Generating revenue…

Q: When there is Debit, some accounts increase and some decrease. Which among the following accounts…

A: Note: As per golden rules of Accounting, Debit all the assets and expenses and credit all the income…

Q: Please explain the meaning of the following statement, I don't understand. The income reports net…

A: Income: It is often defined as the amount that is generated by a business from performing its…

Q: Which of the following statements is false? Select one: a. Revenues are increased by debits b.…

A: Revenue is a positive factor which will increase in shareholders share. Any increase in revenue will…

Q: The adjusting entry of orepaid expense will decrease the equity True False

A: Prepaid Expenses: These are the current assets that need to be paid within less than 12 months.…

Q: Increases in assets and expenses are credited while decreases are debited. O True O False

A:

Q: Directions: Make a scenario that shows computation of Down Payment, Gross Balance, and Increased…

A: Down Payment- First payment that one makes when he/she buys something with an agreement to pay the…

Q: The function of expense method reports gross margin and income from operations. True False

A: In function of expense method, the expenses are allocated based on the activity from which such…

Q: Identify whether a debit or credit results in the indicated change for each of the following…

A: Unearned Revenue:   Unearned Revenue refers to the revenue earned by the company but the goods or…

Q: An adjusting entry to recognize revenue that has been earned but not yet billed or collected will…

A: Following is the answer to the given question

Q: If the current ratio is 2 to 1, the receipt of a payment for an account receivable will Group of…

A: Receipt of payment from an account receivable will decrease the account receivable balance and…

Q: Accounting for all possible losses and expecting no profit is as per O a. Revenue recognition…

A: Answer : Option (C ) conservatism Principle

Q: An increase in an income account is a:

A: Answer:   Option 4.

Q: Vhich of the following statements about adjusting for accruals is false? It will increase the values…

A: The accrued expenses are the expenses incurred but not paid yet. The accrued revenue is the revenue…

Q: Net Income will give a decreasing effect to the Owner's Equity balance. True O False

A: Since you have asked multiple questions, we will solve the first question for you . If you want any…

Q: Capital Loss (MSS Loss) account is an expense account and increased by a credit. O a. False Ob. True

A: Capital loss is the loss that is incurred when the value decreases for the capital asset like real…

Q: The increase in expenses and decrease in payables should be debited O True O False

A: While recording any business transaction in accounting form we enterd this amountin two side one is…

Q: Review Marketin Write the letter of the term that best will not be used. 1. The amount of money…

A: Hi student Since there are multiple questions, we will answer only first question. Since first…

Q: There will be a when liability, capital, and revenue accounts decrease O a. neither debit nor credit…

A: Introduction: Nominal account rule: As per nominal account rule Debit all expenses and losses ,…

Q: If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a…

A: Generally, Assets have a Debit Balance If any account generally has a debit balance and if a…

Q: As per double entry rules, when will you DEBIT? a. If there is decrease in asset b. If there is…

A: Debit Credit     Assets Increase Decrease     Liabilities Decrease Increase…

Q: An accrued expense can best be described as an amount Paid and currently matched with earnings…

A: Solution Concept Accrued expense Accrued expense means the expense that has already been incurred…

Q: n accounting equation. (De any decreases to accoun

A: On August 1, Year 1, Cash account is debited and Unearned revenue account is credited with $40000.

Q: Which of the following statements is correct? a. Prepaid Expenses are decreased with a debit. b.…

A: Prepaid Expenses: Prepaid Expenses is an asset account. Assets increased with a debit. Unearned…

Q: Which of the following would not result in an increase in both the current ratio and the acid test…

A: Current ratio is a financial ratio which helps to determine or analyse the liquidity in a company in…

Q: An adjusting entry to recognize accrued salaries payable would cause which of the following? Group…

A: Adjusting entries are prepared at the end of the accounting period. It prepares to ensure the…

Q: When revenue equals expenses, the result is :   A)Loss B)Profit C)Zero cash balance D)No profit no…

A: Total sales is also known as Revenue

Q: When prepaid rent is recognized as an expense, which of the following is true? Select one: a.…

A: Deferred expenses: Advance payment for future expenses is called as prepaid expenses. These prepaid…

Q: What does an increase in the allowance for receivables result in? A A decrease in current…

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

Q: If current assets exceed current liabilities, payments of accounts payable willa. decrease the…

A: Formula:  Current ratio = Current assets / Current liabilities Working capital = Current assets -…

Q: If an expense is incurred but not paid, then a) Liabilities will increase b) Stockholder's equity…

A: As per the guidelines, only one question is allowed to be solved. Please resubmit the question…

Q: decrease in accrued expenses are debit or credit??

A: Accrued expenses are those expenses that are already incurred but yet to be paid in the future. It…

Q: Debit interest payments are added to revenue but subtracted from outlays. Select one: True False

A: Since you have posted multiple questions, we will do the first one for you. To get the other…

Q: Revenue Expenditures are Select one: O a. Short-life and must always be replaced to generate revenue…

A: The expenditures can be defined as revenue and capital expenditure.

Q: What is the effect of recording an accrued expense? Increase an expense; decrease an asset Decrease…

A: Under the accrual basis of accounting, transactions are recorded as and when they occur irrespective…

Q: Prepaid rent should be ________ and rent expense should be ________ for rent incurred during the…

A: Prepaid rent is rent paid in advance. As rent is an expense prepaid rent is a type of prepaid…

Q: What is the liability created by receiving revenue in advance called (before it is actually earned)?…

A: Revenue receipts in     Advance is shown as unearned revenue.

Q: Which statement is not true about accrual and deferral? A. A deferred income is an amount collected…

A: Accruals: Accruals are the revenues that are earned but not received, and expenses that are incurred…

Q: interest payable would cause which of the following? Group of answer choices A. An increase in…

A: adjusting entry to recognize accrued interest payable -  Accrued interest a/c         Dr.…

Q: Which is the most suitable method based on the concept that profit is the difference between the…

A: Owner equity means the amount which belongs to the owner of the business. It also refers to as…

Q: If accounts receivable have increased during the period revenues on an accrual basis are the same…

A: Accounts Receivables represents the amount outsiders owe to the company . Accounts receivables are…