Multiple Choice
Phast Mail Service purchased equipment for $2000. Phast paid $500 in cash and signed a note for the balance. Phast debited the Equipment account credited Cash and
A) nothing further must be done.
B) debited the Capital account for $1500.
C) credited another asset account for $500.
D) credited a liability account for $1500.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Prepare a corrected trial balance for
Q3: A debit to an asset account indicates<br>A)
Q4: The chart of accounts is a listing
Q5: When two accounts are required in one
Q6: A credit balance in a liability account
Q7: If a revenue account is credited the
Q8: If a company has overdrawn its bank
Q9: Phair and Associates is a financial
Q10: The steps in preparing a trial balance
Q11: After transaction information has been recorded in