For each account listed below, determine if the account is increased or decrease

Question

For each account listed below, determine if the account is increased or decreased by a credit. Select your answer by clicking in the drop down box to the right of each account. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into carmen. Quiz scores will not be adjusted for errors in entering choices.

prepaid rent

      [ Choose ]            increased            decreased      

cost of goods sold

      [ Choose ]            increased            decreased      

common stock

      [ Choose ]            increased            decreased      

notes payable

      [ Choose ]            increased            decreased      

rental revenue

      [ Choose ]            increased            decreased      

gain on sale of land

Explanation / Answer

Prepaid rent = Decreased since it has a debit balance and because of credit it will get decreased Cost of goods sold = Decreased since it has a debit balance and because of credit it will get decreased Common Stock = Increased since it has a credit balance and because of credit, it will get increased Notes Payable = Increased since it has a credit balance and because of credit, it will get increased Rental Revenue = Increased since it has a credit balance and because of credit, it will get increased Gain on sale of land = Increased since it has a credit balance and because of credit, it will get increased

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