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Chapter 2--Analyzing Transactions

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Question;93. Which;of the following describes the classification and normal balance of the fees;earned account?;A. asset, credit;B. liability, credit;C. owner's equity, debit;D. revenue, credit;94. The;classification and normal balance of the accounts payable account is;A. an asset with a credit balance;B. a liability with a credit balance;C. owner's equity with a credit balance;D. revenue with a credit balance;95. The;classification and normal balance of the drawing account is;A. an expense with a credit balance;B. an expense with a debit balance;C. a liability with a credit balance;D. owner's equity with a debit balance;96. Which;of the following accounts are debited to record increase in balances?;A. assets and liabilities;B. drawing and liabilities;C. expenses and liabilities;D. assets and expenses;97. In;which of the following types of accounts are increases recorded by;credits?;A. revenues and liabilities;B. drawing and assets;C. liabilities and drawing;D. expenses and liabilities;98. In;which of the following types of accounts are decreases recorded by;debits?;A. assets;B. revenues;C. expenses;D. drawing;99. In;which of the following types of accounts are decreases recorded by;credits?;A. liabilities;B. owner's capital;C. drawing;D. revenues;100. A;credit balance in which of the following accounts would indicate a likely;error?;A. Fees Earned;B. Salary Expense;C. Janet James, Capital;D. Accounts Payable

 

Paper#55148 | Written in 18-Jul-2015

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