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Question 5 of 100.0/ 10.0 PointsA company purchased office equipment and office supplies on credit from Doug Equipment Company. What is the entry?A.Debit Office Equipment; credit Accounts Payable.B.Debit Equipment; credit Office Supplies Expense.C.Debit Office Equipment and Office Supplies on Hand; credit Cash.D.Debit Office Equipment, debit Office Supplies on Hand; credit Accounts payable.Answer Key: DQuestion 6 of 1010.0/ 10.0 PointsIf only two liability accounts are affected by a transaction, the balance of one account must be increased and the balance of the other decreased in recording this transaction.Question 7 of 1010.0/ 10.0 PointsDebit entries:
Question 8 of 1010.0/ 10.0 PointsEvery transaction always affects two or more accounts in a double-entry accounting system.Question 9 of 100.0/ 10.0 PointsThe Office Equipment account normally has a credit balance.A. TrueB. FalseAnswer Key: FalseQuestion 10 of 100.0/ 10.0 PointsRevenue is the difference between the selling price of a service and the cost of providing such service.