14. A debit may signify a(n): A. decrease in liability accountsB. decrease in the dividends account C. increase in the commonstock account D. decrease in asset accounts

15. Which of the following types of accounts have a normalcredit balance? A. liabilities and expenses B. common stock anddividends C. revenues and common stock D. assets andliabilities

16. A debit balance in which of the following accounts wouldindicate a likely error? A. Notes Payable B. Supplies C. AccountsReceivable D. Salaries Expense

17. Which of the following entries records the payment of anaccount payable? A. Debit Accounts Receivable; credit Cash B. DebitAccounts Payable; credit Cash C. Debit Cash; Credit SuppliesExpense D. Debit Cash; credit Accounts Payable

18. Which of the following entries records the receipt of cashfrom clients on account? A. Accounts Receivable, debit; FeesEarned, credit B. Cash, debit; Accounts Receivable, credit C.Accounts Receivable, debit; Cash, credit D. Accounts Payable,debit; Fees Earned, credit

19. Which of the following groups of accounts increase with acredit? A. Common stock, revenues, expenses B. Labilities, commonstock, revenues C. Assets, common stock, revenues D. None of thesechoices are correct

20. Which of the following situations increase stockholders’equity? A. Services are provided on account B. Utility bill will bepaid next month C. Cash is received from customers on account D.Supplies are purchased on account

Answer rating: 100% (QA)

Answers 14 A debit may signify an Correct Answer Option A decrease in liability accounts This is bec... View the full answer