Accounting 1 Balances Classification Dr Cr: Question Preview (ID: 16107)


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mortgage, creditors or AP is classified as
a) liabilities
b) owners equity
c) assets
d) expenses

what is the name of the account that summarizes OE owners equity
a) AP accounts payable
b) cash
c) capital
d) long term loan

what is the name of the account that summarize revenue
a) AP accounts payable
b) cash
c) insurance
d) sales

what is the name of the account that summarize money owner receives for Personal Use
a) cash
b) AP accounts payable
c) drawings
d) sales

what is the account that is credited when you bought supplies on account
a) cash
b) supplies
c) AP accounts payable
d) sales

when you Buy or Bought on account this is related to
a) Accounts Receivables - AR
b) Accounts Payable - AP
c) Cash
d) none of the above

Every time you pay cash what account is credited
a) AR account receivable
b) cash account
c) AP account payable
d) creditors or debtors

Every time you make cash sale or sale on account what account do you credit
a) cash
b) AR
c) sales
d) none

revenue or sales carries what balance because this is the only one that increase OE
a) credit
b) zero
c) debit
d) negative

Drawings reduces OE and because of this drawings carries what balance?
a) negative
b) zero
c) credit
d) debit

what balance does owners equity OE carry
a) zero
b) debit
c) negative
d) credit

advertising repairs telephone electricity are all expenses these carry
a) zero
b) credit
c) debit
d) negative

loans mortgages AP are liabilities what balance do these carry
a) debit
b) credit
c) zero
d) negative

if cash supplies prepaid insurance are asset what balance do they carry
a) credit
b) debit
c) zero
d) negative

sold services on account which account to you debit
a) Accounts Payable - AP
b) cash
c) Accounts Receivables - AR
d) prepaid insurance

accounts payable, owings, loans, accruals is classified as
a) liabilities
b) owners equity
c) assets
d) expenses

advertising, repairs, utilities is classified as
a) liabilities
b) owners equity
c) assets
d) expenses

sales or sold service on account is related to
a) Accounts Receivables - AR
b) Accounts Payable - AP
c) cash
d) none of the above

RECEIVED CASH ON ACCOUNT FROM SMITH FARMS
a) Debit Accounts Receivable/Smith Farms and credit Cash
b) Debit Accounts Receivable/ Smith Farms and credit Jane Smith, Capital
c) Debit Cash and credit Accounts Receivable/ Smith Farms
d) Debit Cash and debit Accounts Receivable/ Smith Farms

cash supplies accounts receivable is classified as
a) liabilities
b) owners equity
c) assets
d) expenses

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