Quiz 1 Fall 2010 - Quiz1:ACC311Fall2010 5pointseach...

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Quiz 1:  ACC 311 Fall 2010                                   5 points each PRINT NAME_____________________ 1. Debit or  Credit Which side of the journal entry  INCREASES  the balance for the following account:  Retained Earnings ? 2. Debit or  Credit Which side of the journal entry  INCREASES  the balance for the following account:  Sales Revenue ? 3. True or False Assets = Liabilities + Stockholders’ Equity 4. B C Which of the following journal entries would properly  close  an expense account to  retained earnings at the end of the period.     A.  Debit: Retained Earnings  Credit: Expense account B.  Debit: Expense Account    Credit: Retained Earnings          C.  None of the above.  Expenses are closed to contributed capital. 5. 52,000_________ A company purchases a piece of land for $52,000 cash.   An appraiser for the buyer  valued the land at $55,000 on the day of the purchase.  How much should this 
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