Multiple Choice
Match each of the numbered transactions of a corporation with Effect of Transaction indicating the debits and credits to be made (give the debit first)
-A shareholder purchased stock
A) Debit an asset
B) Credit an asset
C) Debit a liability
D) Credit a liability
E) Debit common stock
F) Credit common stock
G) Debit dividends
H) Credit dividends
I) Debit revenue
J) Credit revenue
K) Debit expense
L) Credit expense
Correct Answer:

Verified
Correct Answer:
Verified
Q33: The post-closing trial balance includes only balance
Q34: West Company signed a one-year lease on
Q35: Recording the payment of dividends to shareholders
Q36: JT's Grill, an upscale restaurant on the
Q37: Recording a stock issuance in exchange for
Q39: Mrs. Beard's Bagels has 6 employees who
Q40: Williams Company paid $24,000 for a two-year
Q41: Match each of the numbered transactions of
Q42: During the current accounting period, Bentley Company
Q43: The complete accounting cycle begins with the