Question
1 ) Comapny purchases a three-year insurance policy for $3000.00. At the end of the first year, Blue Talon adjusts insurance expense by crediting A.
1 ) Comapny purchases a three-year insurance policy for $3000.00. At the end of the first year, Blue Talon adjusts insurance expense by crediting
A. An asset account,
B. a retained earnings account,
C. a liability account,
D. Both B and C
E. none of the above
2)
Whitestone Company collected $10,000 on a credit sale. The left-hand side of the entry would be a debit to | |||||||
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3)
Yellowstone Incorporated paid salaries of $5000. The debit entry is to | |||||||
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4)
Silverstone Incorporated purchases a two-year insurance policy for $8000 cash. Silverstone debits | |||||||
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5)
Credit entries to the cash account increase the account, similar to your bank statement. TRUE or FALSE
6)
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