Question
1. a. On April 1, a realtor received a payment for 3 months rent in advance. The following Journal Entry will be made by the
1. a. On April 1, a realtor received a payment for 3 months rent in advance. The following Journal Entry will be made by the realtor on April 1. The debit will (increase/decrease) the account. The debit account appears in the (blank)section of the (blank,Financial Statement). The credit will (increase/decrease) the (blank )account. The credit account appears in the (blank )section of the (blank,Financial Statement)
b. Merchandise was sold on account. In the Revenue part of the sellers Journal Entry:
The debit will (increase/decrease) the (blank)account. The debit account appears in the (blank) section of the (Financial Statement). the credit will (increase/decrease) the (blank) account. The credit account appears as (Revenue/Expense) on the (blank) (Financial Statement).
c. Merchandise was sold on account. In the Expense part of the sellers Journal Entry:
The debit will (increase/decrease) the (blank)account. The debit account appears before (blank) on the (blank) account. the credit will (increase/decrease) the (blank) account. The account credited appears in the (blank) section of the (Financial Statement).
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
1st Edition
