A characteristic valued by U.S. persons is directness.
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A debit entry to an account
A. increases liabilities.
B. increases assets.
C. increases stockholders’ equity.
D. increases liabilities and stockholders’ equity
Which account types normally have a debit balance?
A. Revenues
B. Liabilities
C. Expenses
D. Both Revenues and Liabilities
An attorney performs services of $1,100 for a client and receives $400 cash, with the remainder on account. The journal entry for this transaction would
A. debit Cash, debit Service Revenue, credit Accounts Receivable.
B. debit Cash, debit Accounts Receivable, credit Service Revenue.
C. debit Cash, credit Service Revenue.
D. debit Cash, credit Accounts Receivable, credit Service Revenue.
Accounts Payable had a normal beginning balance of $1,300. During the period, there were debit postings of $700 and credit postings of $900. What was the ending balance?
A. $1,500 credit
B. $1,100 debit
C. $1,100 credit
D. $1,500 debit