Quiz 3: Analyzing Business Transactions Using T Accounts
Debits Are Used to Record Increases in
Debits are used to record increases in A) assets and revenue. B) revenue and owner's equity. C) assets and expenses. D) assets and liabilities.
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A firm paid cash to apply against a debt.To record this transaction,the accountant would A) debit Accounts Receivable and credit Cash. B) debit Accounts Payable and credit Cash. C) debit Cash and credit Accounts Payable. D) credit Cash and credit Accounts Payable.
When revenue is earned from charge-account sales,the accountant A) debits a revenue account and credits the capital account. B) debits Accounts Receivable and credits a revenue account. C) debits a revenue account and credits Accounts Receivable. D) debits Cash and credits a revenue account.
When charge customers pay cash to apply against their accounts,the amount is recorded A) on the left side of the Cash account and the right side of the Fees Income account. B) on the left side of the Accounts Payable account and the right side of the Cash account. C) on the left side of the Cash account and the right side of the Accounts Receivable account. D) on the left side of the Cash account and the left side of the Accounts Receivable account.
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