Chp 3 Review 1
Quiz by William Burke
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- Q1
Credits are increases and debits are decreases in accounts.
falsetrueTrue or False30s - Q2
Which of the following increases stockholder's equity
Revenue
Dividends
Expenses
None of the above increases stockholder's equity
30s - Q3
Which of these accounts' normal balance is credit?
Unearned revenue
Common stock
Salaries expense
A and B
30s - 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
30s - 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
30s - 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
30s