When closing the Service Revenue account for the period, what account is credited? A. Cash B. Income Summary C. Owner, Capital D. Service Revenue
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- Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC. SuppliesD. Service RevenueWhich of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales RevenueThe revenue recognition principle dictates that revenue be recognized in the accounting period Select one: a. after it is earned. b. before it is earned. wh the performance obligation is satisfied. C. d. in which it is collected Previous page Next pa hp
- Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent RevenueWhich account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned RevenueWhat is an account receivable? O a. Sales O b. Asset Oc. Income O d. Creditors
- What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd. Revenue accountWhich of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned RevenueWhich 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
- Which of the following pairs increase with credit entries?A. supplies and retained earningsB. rent expense and unearned revenueC. prepaid rent and common stockD. unearned service revenue and accounts payableThis account is credited to record payments received from customers prior to the rendering of services. Unearned Service Income Cash O Unearned Sales Revenue Service IncomeTOPIC: Rules of Debit and Credit Instruction: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1. Other Revenue a. Assetsb. Liabilitiesc. Equityd. Income e. Expense 2. Prepaid Renta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 3. Allowance for Doubtful Accountsa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 4. Depreciationa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 5. Delivery Equipmenta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 6. Used Shop Suppliesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 7. Utilities Expensea. Assetsb. Liabilitiesc. Equityd. Income e. Expense 8. Salaries and Wagesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 9. Beverage Inventorya. Assetsb. Liabilitiesc. Equityd. Income e. Expense 10. Uncollectible Accounta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 11. Landa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 12. Accounts Receivablea. Assetsb. Liabilitiesc. Equityd.…