Which of the following is an asset account? accounts payable common stock unearned revenue notes receivable Which of the following accounts is increased with a cred

Which of the following is an asset account?
accounts payable
common stock
unearned revenue
notes receivable
Which of the following accounts is increased with a credit?
cash
prepaid insurance
salaries expense
unearned revenue
Which of the following is a list of all of a company’s account names along with their account numbers?
trial balance
balance sheet
income statement
chart of accounts
Which of the following types of accounts are increased with a debit?
assets and expenses
liabilities and expenses
revenues and assets
owner’s equity and expenses
Which of the following types of accounts have a normal debit balance?
assets and expenses
liabilities and expenses
revenues and assets
owner’s equity and expenses
On June 15, we paid $1,000 on account. What account would we debit when we journalize this entry?
accounts payable
cash
accounts receivable
fees earned
On August 15, we purchased equipment for $5,000. We paid $1,000 down with the remainder to be paid later. What account(s) would we credit when we journalize this entry?
cash and accounts payable
equipment
equipment and accounts payable
accounts payable
On June 15, we paid $1,000 on account. What account would we credit when we journalize this entry?
accounts payable
cash
accounts receivable
fees earned
After we initially record a transaction in a journal (general journal), the data is then posted to:
trial balance
general journal (journal)
ledger account (T-account)
balance sheet
Unearned revenue is
a customer’s promise to pay in the future for services or goods sold
a debt owed for renting a building currently
a liability created when a business collects cash from customers in advance
an amount earned from services to customers

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