Details of this Paper

Chapter 2 Recording Business Transactions

Description

solution


Question

Question;28) For Office Supplies, the category of;account and its normal balance is ________.;A) liabilities and a debit balance;B) assets and a debit balance;C) liabilities and a credit balance;D) assets and a credit balance;29) The Salaries Payable account is a(n);A) liability account with a normal debit;balance;B) asset account with a normal debit;balance;C) liability account with a normal credit;balance;D) asset account with a normal credit;balance;30) For Expenses, the category of account;and its normal balance is ________.;A) stockholders' equity and a credit;balance;B) assets and a debit balance;C) assets and a credit balance;D) stockholders' equity and a debit;balance;31) For Revenues, the category of account;and its normal balance is ________.;A) stockholders' equity and a credit;balance;B) assets and a debit balance;C) assets and a credit balance;D) stockholders' equity and a debit;balance;32) For Stockholders' Equity, the category;of accounting equation and its normal balance is ________.;A) equity and a credit balance;B) assets and a debit balance;C) equity and a debit balance;D) assets and a credit balance;33) Dividends is a(n) ________ account;that has a normal ________ balance.;A) liability, credit;B) equity, debit;C) liability, debit;D) equity, credit;34) Which of the following statements is;true of revenue?;A) Revenues decrease stockholders' equity;so a revenue account's normal balance is a credit balance.;B) Revenues decrease stockholders' equity;so a revenue account's normal balance is a debit balance.;C) Revenues increase stockholders' equity;so a revenue account's normal balance is a debit balance.;D) Revenues increase stockholders' equity;so a revenue account's normal balance is a credit balance.;35) A shortened form of an account in the;ledger is called a ________.;A) trial balance;B) balance sheet;C) chart of accounts;D) T-account

 

Paper#55123 | Written in 18-Jul-2015

Price : $22
SiteLock