EA11. Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Debit or credit? A. Cash increase B. Supplies decrease C. Accounts Payable increase D, Common Stock decrease Interest Payable decrease F. Notes Payable decrease E.

If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as "Other Income" on the income statement. Please explain with full explanation.  a. True b. False

Which of the following is a permanent account? A. dividends distributed B. allowance for doubtful accounts C. internet expense d. sales

The accounting treatment of Discount on bill discounted is: a. A current liability b. A current asset c. An income for a bank d. An expenses for a bank

The primary purpose of the balance sheet is to: O measure the net income of a busniess up to a particular point in time. O report the difference between cash inflows and cash outflows for the period. O report the financial position of athe reporting entity at a particular point in time. O report revenues and expenses for a period of time. DEREN 11

Which of the following would indicate a cash payment? a. An increase in prepaid expenses b. Selling equipment at a loss c. A decrease in inventory d. A decrease in accounts receivable

Which of the following entries records receiving the cash payment from a customer for previous services performed on account. (AP = Accounts Payable, AR = Accounts Receivable)

Which one of the following statements about revenue is not correct?A. Revenue can result in increases in accounts receivableB. Revenue can result in increases in liabilitiesC. Revenue is earned whenever cash is received from a customerD. Revenue is earned when a service is provided to a customer

Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX

Under the direct charge-off method, when a specific account receivable is written off, what account is debited and what is the effect of the write-off on net income and on assets? debit Accounts Receivable; the write off decreases net income and total assets debit Allowance for Uncollectible Accounts; the write off increases net income and total assets debit Uncollectible Accounts Expense the write off decreases net income and total assets debit Uncollectible Accounts Expense; the write off increases net income and total assets A