Homework Answers
Answer
- Those accounts that have normal DEBIT balance are increased by
debiting and decreased by crediting.
Example would be Asset accounts, expense accounts ,etc. - Those accounts that have normal CREDIT balance are increased by
crediting and decreased by debiting.
Examples of these can be Revenue accounts, Liability accounts, Equity accounts. - In the question, Fees Income account is mentioned.
This is a Revenue account having a normal credit balance.
Hence, it increases if credited and decreased if debited. - Correct Answer = Option #3: Fess Income can be increased “WITH CREDITS”
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Question 12 70 pts How would you increase an account called Fees Income, a revenue account...
Question 12 How would you increase an account called Fees Income, a revenue account in the accounting system? With...
Question 12 How would you increase an account called Fees Income, a revenue account in the accounting system? With debits. On the plus side. With credits With a debit to Cash, and a credit to Accounts Receivable.
31) A business uses a credit to record: A) An increase in an expense account. B)...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
Suppose your company sells services of $180 in exchange for $110 cash and $70 on account....
Suppose your company sells
services of $180 in exchange for $110 cash and $70 on
account.
view transaction list view general journal Journal Entry worksheet Record the service revenue of $110 for cash and $70 on account. ransact Debit Credit General Journal Ion *Enter debits before credits ear entr Lrecordentry done identify the amount that should be reported as net cash flow from operating activities. Net Cash low 3. Identify the amount that would be included in net income. et...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
QUESTION 4 Increase Consulting Revenue with a:
QUESTION 4 Increase Consulting Revenue with a: Debit Credit QUESTION 5 The account classification for Accounts Receivable is: Asset Liability Equity Revenue Expense QUESTION 6 Decrease Unearned Revenue with a Debit Credit QUESTION 7 Increase cash with a Debit Credit
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
please answer all of these thank you 1. Under cash accounting, a credit to fees earned...
please answer all of these
thank you
1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
Question 1: Who is required to follow GAAP? Question 2: Who creates the rules for GAAP?...
Question 1: Who is required to follow GAAP? Question 2: Who creates the rules for GAAP? Question 3: What is the purpose of GAAP? Questions 4-6: Show how the following transactions would affect the Accounting Equation Question 4: James purchases a $5,000 piece of equipment. Question 5: James writes his monthly check for rent: $3,000. Question 6: James takes out a $25,000 loan with his bank. Questions 7-9: Create journal entries to record the following transactions Question 7: James purchases...
1.Which of the following is not an error that would cause the trial balance to become...
1.Which of the following is not an error that would cause the trial balance to become unequal? a. Balance entered in wrong column of account b. Column incorrectly added c. The debit part of an entry posted to the wrong account as a debit d. Debit is posted as a credit, or vice versa 2. If a fee of $2,850 earned from a client was debited to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850, which of...
Question 12 How would you increase an account called Fees Income, a revenue account in the accounting system? With debits. On the plus side. With credits With a debit to Cash, and a credit to Accounts Receivable.
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
Suppose your company sells
services of $180 in exchange for $110 cash and $70 on
account.
view transaction list view general journal Journal Entry worksheet Record the service revenue of $110 for cash and $70 on account. ransact Debit Credit General Journal Ion *Enter debits before credits ear entr Lrecordentry done identify the amount that should be reported as net cash flow from operating activities. Net Cash low 3. Identify the amount that would be included in net income. et...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
please answer all of these
thank you
1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
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