Question: 1. A journal entry has only two lines: a) Increase in a Revenue account, b) Decrease in an Expense account. Multiple Choice a) is a

1. A journal entry has only two lines: a) Increase in a Revenue account, b) Decrease in an Expense account.

Multiple Choice

  • a) is a DR and b) is a DR so the entry is NOT valid

  • a) is a CR and b) is a CR so the entry is NOT valid

  • a) is a CR and b) is a DR so the entry is valid

  • a) is a DR and b) is a CR so the entry is valid

2)

A journal entry has only two lines: a) Decrease in an asset, b) Increase in Owners' Equity.

Multiple Choice

  • a) is a DR and b) is a DR so the entry is NOT valid

  • a) is a CR and b) is a DR so the entry is valid

  • a) is a CR and b) is a CR so the entry is NOT valid

  • a) is a DR and b) is a CR so the entry is valid

3)

A journal entry has only two lines: a) Decrease in a Liability, b) Increase in an Expense.

Multiple Choice

  • a) is a DR and b) is a DR so the entry is NOT valid

  • a) is a CR and b) is a CR so the entry is NOT valid

  • a) is a DR and b) is a CR so the entry is valid

  • a) is a CR and b) is a DR so the entry is valid

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