Question 1 4 pts

Which of the following is a revenue account?

retained earnings

fees earned

rent expense

unearned revenue

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Question 2 4 pts

Which of the following accounts is increased with a debit?

common stock

prepaid insurance

fees earned

unearned revenue

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Question 3 4 pts

Which of the following errors will cause the trial balance totals to be unequal?

entering an incorrect amount on the trial balance

failure to record a transaction or to post a transaction

recording the same transaction more than once

recording the same erroneous amount for both the debit and the credit parts of a transaction

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Question 4 4 pts

Which of the following types of accounts are decreased with a debit?

assets and liabilities

liabilities and expenses

revenues and liabilities

owners equity and expenses

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Question 5 4 pts

Which of the following types of accounts are decreased with a credit?

assets and expenses

liabilities and expenses

revenues and assets

owners equity and expenses

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Question 6 4 pts

On May 15, we purchased supplies on account for $1,150. What account would we credit when we journalize this entry?

supplies

cash

accounts payable

equipment

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Question 7 4 pts

On June 15, we paid $1,000 on account. What account would we debit when we journalize this entry?

accounts payable

cash

accounts receivable

fees earned

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Question 8 4 pts

On August 15, we purchased equipment for $5,000. We paid $1,000 down with the remainder to be paid later. What account(s) would we credit when we journalize this entry?

cash and accounts payable

equipment

equipment and accounts payable

accounts payable

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Question 9 4 pts

A credit refers to:

the right side of a T-account

the left side of a T-account

increases in a T-account

decreases in a T-account

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Question 10 4 pts

Revenue is:

a customer's promise to pay in the future for services or goods sold

a debt owed for renting a building currently

a liability created when a business collects cash from customers in advance

an amount earned from services to customers or goods sold