15. Which of the following entries would be used to record the billing of fees e

Question

15. Which of the following entries would be used to record the billing of fees earned? a. Debit Accounts Receivable and credit Rental Fees b. Credit Cash and credit Rental Fees c. Debit Cash and credit Rental Fees d. Debit Cash and debit Rental Fees 16. Which of the statements of the rules of debit and credit is true? a. Decrease Accounts Receivable with a credit and the normal balance is a credi b. Increase Accounts Payable with a credit and the normal balance is a credit. c. Increase Capital with a debit and the normal balance is a debit. d. Decrease Cash with a debit and the normal balance is a debit. 17. The posting reference column in the ledger is: a. used to record the journal and page number the transactions originated b. used to record the ledger number c. used to record the date d. not used

Explanation / Answer

15) Journal entry :

So answer is a) Debit account receivable and credit rental fees

16) True statement

So answer is b) Increase account payable with a credit and the normal balance is a credit

17) The posting reference column in the ledger is

So answer is a) Used to record the journal and page number the transaction originated.

Date account and explanation debit credit Account receivable Rental fees

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