Assets normally show a credit balances b debit balances c debit and credit

Assets normally show a credit balances b debit

This preview shows page 11 - 13 out of 13 pages.

41. Assets normally showa.credit balances.b.debit balances.c.debit and credit balances.d.debit or credit balances.42. A credit to a liability account43. In the first month of operations, the total of the debit entries to the Cash accountamounted to $1,400 and the total of the credit entries to the Cash account amounted to$800. The Cash account has a44. Barnes Company showed the following balances at the end of its first year:Cash$14,000Prepaid insurance700Accounts receivable3,500Accounts payable2,800Notes payable4,200Common stock5,400Dividends700Revenues24,000Expenses17,500What did Barnes Company show as total credits on its trial balance?11
Background image
45. On June 1, 2014, England Inc. reported a cash balance of $21,000. During June, Englandmade deposits of $8,000 and made disbursements totaling $24,000. What is the cashbalance at the end of June?a.$5,000 credit balanceb.$29,000 debit balancec.$5,000 debit balanced.$3,000 credit balance46. Which of the following accounts has a normal credit balance?47. At October 1, 2014, Metz Industries had an Accounts Payable balance of $70,000. Duringthe month, the company made purchases on account of $50,000 and made payments onaccount of $80,000. At October 31, 2014, the Accounts Payable balance is48. Which of the following journal entries is recorded correctly and in the basic format?49. Equipment costing $20,000 machine is purchased by paying $5,000 cash and signing anote payable for the remainder. The journal entry should include aa.credit to Notes Payable.b.debit to Cash.c.credit to Notes Receivable.d.credit to Equipment.12
Background image
50. On January 14, Decker industries purchased supplies of $500 on account. The entry torecord the purchase will include51. At December 1, 2014, Orear Company's Accounts Receivable balance was $5,600.During December, Orear had credit sales of $15,000 and collected accounts receivable of$12,000. At December 31, 2014, the Accounts Receivable balance isKey – Chapter 334. C35. D36. D37. D38. A39. B40. A41. B42. B43. A44. C45. B46. C47. C48. C49. D50. A51. A52. B13
Background image

You've reached the end of your free preview.

Want to read all 13 pages?

  • Spring '14
  • Balance Sheet, Generally Accepted Accounting Principles

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture