Reference no: EM132480497
Question 1 - Which of the following accounts is increased with a credit?
a) common stock
b) supplies
c) rent expense
d) dividends
Question 2 - Which of the following types of accounts have a normal debit balance?
a) assets and dividends
b) liabilities and expenses
c) revenues and liabilities
d) liabilities and dividends
Question 3 - On December 31, we determined that $6,850 in revenue had been earned. We have not received any cash to date for this job and have not billed the client. What account would we credit when we record this adjusting entry in the general journal?
a) service revenue
b) unearned fees
c) accounts receivable
d) retained earnings
Question 4 - Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal?
a) unearned revenue, $2,000
b) service revenue, $2,000
c) unearned revenue, $3,000
d) service revenue, $3,000
Question 5 - The balance in our office supplies account on January 1 was $10,000. On January 31, our supplies on hand totaled $2,000. What account and amount would we credit when we record the adjusting entry for office supplies on January 31?
a) office supplies expense, $2,000
b) office supplies, $2,000
c) office supplies, $8,000
d) office supplies expense, $8,000
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