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Chp 3 Review 1

Quiz by William Burke

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6 questions
Show answers
  • Q1

    Credits are increases and debits are decreases in accounts.

    True or False
  • Q2

    Which of the following increases stockholder's equity




    None of the above increases stockholder's equity

  • Q3

    Which of these accounts' normal balance is credit?

    Unearned revenue

    Common stock

    Salaries expense

    A and B

  • Q4

    What is the correct entry for purchasing equipment on account?

    DR Accounts Payable

    CR Equipment

    DR Equipment

    CR Cash

    DR Equipment 

    CR Accounts Payable

  • Q5

    What is the correct entry for paid office rent?

    DR Rent Expense

    CR Service Revenue

    DR Cash

    CR Rent Revenue

    DR Accounts Payable

    CR Cash

    DR Rent Expense

    CR Cash

  • Q6

    What is the correct entry for a payment to a supplier on account for a purchase of supplies that was made previously?

    DR Accounts Payable

    CR Cash

    DR Accounts Payable

    CR Supplies Expense

    DR Supplies Expense

    CR Accounts Payable

    DR Supplies

    CR Cash


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