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What are the accounts affected by this transaction

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Reference no: EM132895363

Questions -

Q1. Which of the following accounts is credited to record issuance of capital stock?

A. Accounts Payable

B. Capital Stock

C. Accounts Receivable

Q2. When inventory is sold on account, Sales Revenue increases and:

A. Profit decreases.

B. Cash decreases.

C. Accounts Receivable increases.

Q3. Which of the following accounts should be debited when a company collects on accounts from customers?

A. Cash

B. Revenue

C. Energy

Q4. On August 16, Year One, Seventh Heaven Company received cash from a customer for services to be performed in October. What are the accounts affected by this transaction?

A. Cash and Service Revenue

B. Cash and Unearned Revenue

C. Prepaid Expense and Cash

D. Accounts Receivable and Revenue

Reference no: EM132895363

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