Multiple Choice
What would be the effect on accounts if the business provided services to a customer on account?
A) An asset would be debited and an expense credited.
B) Capital would be debited and revenue credited.
C) An asset would be debited and revenue credited.
D) An asset would be debited and Capital credited.
Correct Answer:
Verified
Correct Answer:
Verified
Q7: Explain the difference between expenses and withdrawals.
Q40: What would be the effect on accounts
Q41: An account that would be increased by
Q42: Revenue has a normal credit balance, and
Q44: Expenses are recorded when paid.
Q46: Revenue increases on the debit side of
Q47: The Accounts Payable account is<br>A) a revenue,
Q49: A chart of accounts<br>A) is set up
Q50: What is the James Long Company's net
Q72: Which of the following is prepared last?<br>A)