general journal
Quiz by Ashery Moammed
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6 questions
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- Q1Generally when revenues are involved in a transaction, a revenue account will be?CreditedDebited20s
- Q2A contra-asset account such as Accumulated Depreciation will likely have which balance?Unearned RevenueCreditDebitNothing20s
- Q3A contra-liability account such as Discount on Notes Payable will likely have which balance?decreasingCreditincreasingDebit20s
- Q4If you write off an amount owed by a debtor as a bad debt, is your asset (debtors)increasingDebitdecreasingCredit20s
- Q5If you receive notification from the bank that you have been charged bank fees. is your asset (the bank account)?CreditincreasingNothingdecreasing20s
- Q6If you are informed that your last insurance bill was overstated and that you will receive a credit, is your expense?decreasingincreasingNothingDebit20s