ACCT105 Week 2 Quiz.docx - A law firm completed legal work...

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A law firm completed legal work for Public Service Company on credit. What entry should be made on the law firm’s books? A. Debit Accounts Receivable; credit Legal Fees Revenue. B. Debit Legal Fees Revenue; credit Cash. C. Debit Cash; credit Capital Stock. D. Debit Cash; credit Legal Fees Revenue. Answer Key:A A cash expenditure for insurance and utilities would cause assets to increase but stockholders’ equity to decrease. A. True B. False Answer Key:False A debit to the Dividends account would indicate an increase in expenses. A. True B.
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False Answer Key:False Debit entries: A. Increase assets; and decrease expenses, liabilities, revenues, and stockholders’ equity. B. Increase assets and stockholders’ equity; and decrease expenses and revenues. C. Decrease assets and expenses; and increase liabilities, revenues, and stockholders’ equity. D. Decrease assets and revenues; and increase expenses, liabilities, and stockholders’ equity.
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