Chapter 2 Quiz

Chapter 2 Quiz - Quiz Question 1: A debit is used to...

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Quiz Question 1: A debit is used to record: 1. A decrease in an expense account. n increase in a revenue account 2. An increase in a revenue account. 3. An increase in the balance of common tock stock. 4. A decrease in the balance of retained arnings earnings.
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Quiz Question 2: Which of the following statements is incorrect? 1. The normal balance of ccounts receivable is a debit accounts receivable is a debit. 2. The normal balance of ividends is a debit. dividends is a debit. 3. The normal balance of an expense account is a credit. 4. The normal balance of common stock is a credit.
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Quiz Question 3: The debit and credit analysis of a transaction normally takes place 1. before an entry is corded in a journal recorded in a journal. 2. when the entry is osted to the ledger. posted to the ledger. 3. when the trial balance is prepared. 4. at some other point in the accounting cycle.
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Quiz Question 4: n September 30 the Cash account of Value Company On September 30, the Cash account of Value Company had a normal balance of $5,000.
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Chapter 2 Quiz - Quiz Question 1: A debit is used to...

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