16. Viscount Company collected $34,000 cash on its accounts receivable. How does

Question

16. Viscount Company collected $34,000 cash on its accounts receivable. How does this transaction affect the company's accounting equation? A. Assets decrease and equity increases B. Both assets and liabilities decrease C. Assets, liabilities and equity are unchanged D. Both assets and equity are unchanged and liabilities increase E. Assets increase and equity decreases 17. A debit is: A. An increase in an account B. The right-hand side of a T-account C. A decrease in an account D. The left-hand side of a T-account E. An increase to a liability account 18. A simple account form widely used in accounting to illustrate how debits and credits work is called a: A. Dividend account B. Common stock account C. Drawing account D. T-account E. Balance column sheet 19. Rocky Industries received its telephone bill in the amount of $150 and immediately paid it. Rocky's general journal entry to record this transaction will include a A. Debit to Telephone Expense for $150 B. Credit to Accounts Payable for S150 C. Debit to Cash $150

Explanation / Answer

16 Assests, liabilities and equity are unchanged. One asset(Cash) increases and another asset (Accounts Receivable) decreases resulting in no change in net assets Option C is correct 17 A debit is the left side of a T-account Option D is correct 18 A simple account used to illustrate how debits and credits work is a T-account Option D is correct 19 Debit to telephone expense for $150 Option A is correct

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.