Which of the following statements is false?
A. Decreases in assets and increases in stockholders' equity are recorded with a credit.
B. Increases in both assets and expenses are recorded with a debit.
C. Increases in assets and decreases in liabilities are recorded with a debit.
Decreases in liabilities and increases in revenues are recorded with a credit.
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The journal entry to record the perfermance of services on account for $1 200 is ().
A. Dr: Accounts Payable1 200Cr: Service Revenue1 200
B. Dr: Accounts Receivable1 200Cr: Service Revenue1 200
C. Dr: Cash1 200Cr: Service Revenue1 200
Dr: Service Revenue1 200Cr:Accounts Payable1 200
Which of the following statements is true?
A debit records an increase in liabilities.
B. A debit records an decrease in assets.
C. A credit records an increase in liabilities.
D. A credit records an decrease in capital.
A trial balance is made up of a list of debit balances and credit balances. Which of the following statements is correct?
A. Every debit balance represents an expense.
B. Assets are represented by debit balances.
C. Liabilities are represented by debit balances.
D. Revenue is included in the list of debit balances.
At the beginning of the year, the assets of Sunny Company are $300 000 and its owners' equity is$100 000. During the year, assets increase$80 000 and liabilities increase$50 000. What is the owners' equity at the end of the year?
A. $200 000
B. $30 000
C. $130 000
D. $170 000
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