Question 1

Our business uses a credit to record:

Group of answer choices

1)An increase in an expense account

2)A decrease in an asset account

3)A decrease in a common stock account

4)A decrease in a liability account

Question 2

Select the account below that normally has a credit balance:

Group of answer choices

1)Cash

2)Sales Salaries Expense

3)Wages Payable

4)Dividends

Question 3

A debit is used to record which of the following:

Group of answer choices

1)An increase in a revenue account

2)A decrease in an expense account

3)An increase in the dividends account

4)A decrease in an asset account

Question 4

A credit entry on our company's general ledger:

Group of answer choices

1)Increases asset and expense accounts, and decreases liability, common stock, and revenue accounts

2)Always decreases an account

3)Always increases an account

4)Decreases asset, and increases liability, common stock, and revenue accounts

Question 5

A double-entry accounting system is an accounting system:

Group of answer choices

1)In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits

2)That allows total debits to be greater than total credits

3)That records the effect of each transaction in at least two accounts with equal debits and credits

4)That allows total credits to be greater than total debits

Question 6

Our company received a $300 repair bill and immediately paid it. Our company records a journal entry to our general ledger that will include a:

Group of answer choices

1)Credit to Repair Expense for $300

2)Debit to Cash for $300

3)Debit to Repair Expense for $300

Question 7

Our company purchased daily office supplies on credit. The journal entry made and posted to our general ledger will include a:

Group of answer choices

1)Debit to Accounts Receivable

2)Credit to Cash

3)Credit to Accounts Payable

4)Credit to Common Stock

Question 8

You are starting a business as a corporation. The corporation is a separate entity from you (as you know). You contribute $70,000 in cash and land worth $130,000 to open this new business, in exchange for 100% of the common stock/initial investment of ownership of the corporation (you have invested personal assets to form a corporation). Which of the following journal entries will you post to the general ledger of your new corporation to record this transaction?

Group of answer choices

1)Debit Common Stock, $200,000; Credit Assets, $200,000

2)Debit Cash $70,000; Debit Land $130,000; Credit Common Stock, $200,000

3)Debit Accounts Payable $200,000; Credit Common Stock, $200,000

4)Credit Cash and Land, $200,000; Credit Common Stock, $200,000

Question 9

Our company opens a line of credit with a company that provides office equipment. We go to the supplier and purchase $1,000 of office equipment on credit and inform our chief accountant. Our accountant records a journal entry to our general ledger as follows:

Group of answer choices

1)Debit cash and credit office equipment

2)Credit common stock and credit cash

3)Debit office equipment and credit accounts payable

4)Debit accounts receivable and credit office equipment

Question 10

Our employees perform work for us during the month of July and we pay them in the month of July. We record this transaction on our general ledger/books as a:

Group of answer choices

1)Debit to Wages Payable and debit to Cash

2)Debit to Accounts Receivable and credit to Cash

3)Debit to Cash and credit to Wage Expense

4)Debit to Wage Expense and credit to Cash

I NEED HELP ON THIS PLEASE!! Getting out of time