33) A debit to a revenue account was posted to an asset account. This would caus

Question

33) A debit to a revenue account was posted to an asset account. This would cause: A) revenue to be understated. B) liabilities to be understated. C) expense to be understated. D) assets to be overstated. 34) The general journal entry to record an exchange of assets would most com- monly include: A) A debit to Cash and a credit to Fees Earned. B) A debit to Fees Earned and a credit to Accounts Receivable. C) A debit to Supplies and a credit to Accounts Payable. D) A debit to Cash and a credit to Accounts Receivable. 35) If Cash has been debited, it is most likely that: A) the business borrowed cash from the bank. B) a charge customer made a payment. C) the owner made an investment. D) All of these are possible. 36) If you had purchased $500 of supplies during the month and at the end of the month you had $300 on hand, the adjustment for Supplies would be: A) $100. B) $300. C) $200. D) $500. 37) If the adjustment for Supplies used during the period was not made: A) expenses would be too high. B) revenue would be too high. C) expenses would be too low. D) asset Office Supplies would be too low.

Explanation / Answer

c a a c a

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