Question: multiple choice debit and credit U Question 7 1 pts NOTE: The following is not a journal entry nor is it a full trial balance,


U Question 7 1 pts NOTE: The following is not a journal entry nor is it a full trial balance, it is just a random selection of entries to given accounts. Your job is to identify from the list of accounts below, which accounts would be classified as "Equity" accounts (accounts that directly impact overall equity). Once you have identified all Equity accounts, compute how the debits or credits in such accounts would impact a company's total equity. For example, if it would increase by 4 then just enter the number 4. If it would decrease by 4, enter the number as -4. Account name Debit Credit Unearned Sales Revenue 34 Bonds payable 24 Sales Revenue 57 Common Stock 18 Salaries payable 20 Dividends Cash 6 a N Question 5 1 pts Assume you needed to record journal entries that would decrease each of the the following accounts. Which of the following accounts would need to be credited? Warehouse equipment Salaries payable Preferred stock Withdrawals Interest revenue. Cost of goods sold Choose all the accounts below that would be increased by a debit entry to the account. Assets Contra Assets Liabilities Capital Contributions Retained Earnings Revenues Contra Revenues Expenses Gains Losses Dividends
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
