1. Which of the following groups contain only accounts that normally have credit

Question

1. Which of the following groups contain only accounts that normally have credit balances? A. accounts receivable and fees income. B. salaries expense and accounts payable. C. fees income and stock D. accounts payable equipment
2. The journal entry to record the payment of dividends for the month is?
3. The journal entry to record the payment of salaries should include.
4. If long-term assets are not adjusted, expenses on the income statement
5. The entry to replenish a petty cash fund includes.
6. On a balance sheet, Accumulated depreciation-Equipment is reported

Explanation / Answer

1. B. salaries expense and accounts payable. 2. Credit cash and debit Dividends Payable 3. Debit Salaries Expense Credit Cash 4. overstated 5. A debit to Cash 6. a contra asset account

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