Quiz 1 Fall 2011 - A journal entry can never have more than...

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Quiz 1:  ACC 311 Fall 2011                                              5 points each PRINT NAME_______ KEY______________ 1. Debit or Credit Which side of the journal entry  DECREASES  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:  Rent Expense ? 3. True or  False Assets = Liabilities + Revenues 4. Which of the following journal entries would properly  close  a revenue account to retained earnings at the  end of the period.     A.  Debit: Retained Earnings  Credit: Revenue account B.  Debit: Revenue Account    Credit: Retained Earnings          C.  None of the above.  Revenues are closed to common stock. 5. True or  False
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Unformatted text preview: A journal entry can never have more than two accounts. 6. How many of the following accounts are Equity accounts ? TV Revenue Accounts Receivable Retained Earnings Net Income Cash ______1 (Retained Earnings)_______ 7. Debit or Credit One January 17 th , 2009 Campus Laundry sold $100 worth of laundry service to a UT student. Campus Laundry should debit or credit revenue? 8. The purpose of the balance sheet is to report the financial position of a firm at a: A. Particular point in time (on a specific date) B. Specific span of time (a period of time)...
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