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Determine which accounts would be increased with a debit

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Reference no: EM132485988

Question 1: Which of the following accounts would be increased with a Debit?

Option 1: prepaid insurance

Option 2: accounts payable

Option 3: advertising expense

Option 4: land

Option 5: cash

Question 2: Which of the following transactions violates the balance sheet equation?

Option 1: increase an expense and reduce liability

Option 2: increase a liability and increase revenue

Option 3: increase cash and reduce contributed capital

Option 4: increase retained earnings and increase a liability

Option 5: reduce cash and reduce an expense

Reference no: EM132485988

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