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Chapter 2 Recording Business Transactions

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solution


Question

Question;21) Which of the following groups of;accounts normally have a debit balance?;A) assets and expenses;B) revenues and expenses;C) liabilities and stockholders' equity;D) assets and liabilities;22) Which of the following groups of;accounts will decrease with a debit?;A) assets and expenses;B) revenues and expenses;C) liabilities and stockholders' equity;D) assets and liabilities;23) Which of the following statements is;true of expenses?;A) Expenses increase stockholders' equity;so an expense account's normal balance is a credit balance.;B) Expenses decrease stockholders' equity;so an expense account's normal balance is a credit balance.;C) Expenses increase stockholders' equity;so an expense account's normal balance is a debit balance.;D) Expenses decrease stockholders' equity;so an expense account's normal balance is a debit balance.;24) The Accounts Receivable account is;a(n) ________ account and carries a ________ normal balance.;A) liability, debit;B) asset, debit;C) liability, credit;D) asset, credit;25) The Accounts Payable account is a(n);account and carries a ________ normal balance.;A) liability, debit;B) asset, debit;C) liability, credit;D) asset, credit;26) For the Cash account, the category of;account and its normal balance is ________.;A) assets and a debit balance;B) liabilities and a credit balance;C) liabilities and a debit balance;D) assets and a credit balance;27) Which of the following statements is;true of the Common Stock account?;A) It is an equity account that has a;normal credit balance.;B) It is a liability account that has a;normal credit balance.;C) It is a liability account that has a;normal debit balance.;D) It is an equity account that has a;normal debit balance.

 

Paper#55122 | Written in 18-Jul-2015

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