Although debits increase assets, they also

a. increase revenues

b. increase expenses

c. increase owner's equity

d. increase liabilities

A compound entry is

a. an entry involving more than one debit or credit

b. an entry involving multiple transactions

c. an entry involving more than one date

d. an entry increasing and decreasing the same account

Which of the following accounts has a normal credit balance?

a. Office Equipment

b. Salaries Expense

c. Accounts Receivable

d. Accounts Payable

Payment of salaries to employees is recorded as a(n)

a. asset

b. liability

c. revenue

d. expense

Which account is shown on the statement of owner's equity?

a. Fees Earned

b. Accounts Receivable

c. Owner, Withdrawals

d. Accounts Payable