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Which of the following accounts has a normal debit balance? O Accounts Payable O Prepaid Rent...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable O C. Interest Payable O D. Prepaid Rent
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance a. Dividends b. Prepaid Rent c. Common Stock d. Prepaid Service Fees e. Utilities Payable f. Prepaid Parking g. Taxes Payable h. Supplies i. Interest Payable
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent represents the cost of rent not yet paid for, while rent expense represents the cost of rent which has been paid for. B.TThese account titles both mean the same thing and are used interchangeably. C.Prepaid rent represents the cost of rent paid for but not yet used, while rent expense represents the cost of rent used to deliver goods or services to customers. D.Rent...
Debit Credit Cash $615 Accounts receivable 776 1156 Inventory Prepaid rent 32 Equipment 110 Accumulated depreciation equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Travel expense Total $2773 $2773 After closing entries have been posted, the balance in retained earnings will be:
Which of the following accounts has a normal debit balance? OA) Accounts Payable B) Sales C) Interest Revenue OD) Inventory
Trial balance Account Titles Debit Credit Cash $ 95,430 Accounts Receivable $ 6,000 Prepaid Rent $ 25,000 Prepaid Insurance $ 2,700 Prepaid Supplies $ 120 Equipment $ 400,000 Accumulated Depreciation $ 3,250 Accounts Payable $ 970 Accrued Interest $ 1,400 Accrued Salaries $ 550 Unearned Rental Revenue $ 1,950 Notes Payable $ 350,000 Capital Stock-Mike $ 80,000 Capital Stock-Julie $ 80,000 Dividend $ 4,000 Retained Earnings $ - Rental Revenue $ 46,100 Salaries Expense $ 19,950 Rent Expense $ 5,000...
13 43 ***Question #6*** • GoBuffs has the following adjusted trial balance: Cash 11 Accounts Payable 76 Inventory 18 Unearned Revenue Land 650 Common Stock 64 Dividends 8 Retained Earnings 128 Rent Expense 13 Service Revenue 338 Supplies Expense 11 Salaries Payable 62 Total Debit Balance 711 Total Credit Balance 711 Which closing entry is needed? A debit service revenue 338, credit retained earnings 338. B debit rent expense 13, credit retained earnings 13. С credit retained earnings 11, debit...
Identify the normal balance (debit or credit) for each of the following accounts 2 Normal Ending Balance a Rental Revenue b Note Receivable 2 c Haircutting Revenue points d Common Stock ePrepaid Rent eBock fDividends Priet Salaries Payable h Accounts Payable References iPrepaid Insurance
Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance Credit Debit a. Factory b. Fuel Expense C. Rent Expense d. Rent Payable e. Furniture f. Land g. Equipment h. Common Stock i. Interest Payable j. Delivery Expense k. Postage Expense 1. Buildings Debit Debit Debit
Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. Cash b. Accounts Receivable c. Note Receivable Prepaid Insurance Prepaid Rent Service Fees Earned Prepaid Parking Supplies Interest Revenue Store Equipment k Office Supplies Salaries Payable