Question 1

Credits are increases and debits are decreases in accounts.

Accepted Answer

false

Answer

true

Question 2

Which of the following increases stockholder's equity

Accepted Answer

Revenue

Answer

Dividends

Answer

Expenses

Answer

None of the above increases stockholder's equity

Question 3

Which of these accounts' normal balance is credit?

Accepted Answer

A and B

Answer

Unearned revenue

Answer

Common stock

Answer

Salaries expense

Question 4

What is the correct entry for purchasing equipment on account?

Accepted Answer

DR Equipment

CR Accounts Payable

Answer

DR Accounts Payable

CR Equipment

Answer

DR Equipment

CR Cash

Question 5

What is the correct entry for paid office rent?

Accepted Answer

DR Rent Expense

CR Cash

Answer

DR Rent Expense

CR Service Revenue

Answer

DR Cash

CR Rent Revenue

Answer

DR Accounts Payable

CR Cash

Question 6

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

Accepted Answer

DR Accounts Payable

CR Cash

Answer

DR Accounts Payable

CR Supplies Expense

Answer

DR Supplies Expense

CR Accounts Payable

Answer

DR Supplies

CR Cash

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