Question 1 Increase Sales Tax Payable with a Question 2 Decrease Common Stock wi

Question

Question 1

Increase Sales Tax Payable with a

Question 2

Decrease Common Stock with a:

Question 3

The normal balance for Cash is

Question 4

Increase Interest Payable with a:

Question 5

The account classification for Common Stock is:

Question 6

Decrease Consulting Revenue with a:

Question 7

Increase Equipment with a:

Question 8

Decrease Equipment with a:

Question 9

Notes Receivable would appear on the:

Question 10

Increase Notes Payable with a:

Question 11

Utilities Expense would appear on the:

Question 12

The account classification for Allowance for Doubtful Accounts is contra:

Question 13

Increase Owner's Capital with a:

Question 14

Goodwill would appear on the:

Question 15

The account classification for Notes Payable is:

Question 16

The normal balance for Common Stock is:

Question 17

The normal balance for Accounts Payable is:

Question 18

FICA Tax Payable would appear on the:

Question 19

Decrease Utilities Expense with a:

Question 20

The normal balance for Accounts Receivable is:

Question 21

Consulting Revenue would appear on the:

Question 22

The normal balance for Rent Expense is:

Question 23

The normal balance for Interest Expense is:

Question 24

The account classification for Allowance for Doubtful Accounts is contra:

Question 25

The account classification for Owner's Capital is:

Increase Sales Tax Payable with a

Explanation / Answer

1 ) increase inSales Tax Payable

Normal Balance: Credit
Type of Account: Liability
Financial Statement: BS

3 ) Normal balance for cash is debit balance & is an asset shown in balance sheet

4)   Increase Interest Payable is credit balance & liability = BS

5 )   The account classification for Common Stock is:   For investors, common stock is usually considered a type of asset, but for issuers, the same shares are considered equity, or sometimes even debt

7 ) Increase Equipment with a: debit

8 ) Decrease Equipment with a: Credit

9 ) Notes Receivable would appear on the asset side

10 ) Increase Notes Payable with a credit

11 ) Utilities Expense would appear on the: debit side of ie

12 ) The account classification for Allowance for Doubtful Accounts is contra =

Allowance for Doubtful Accounts is a contra current asset account associated with Accounts Receivable. When the credit balance of the Allowance for Doubtful Accounts is subtracted from the debit balance in Accounts Receivable

13 ) Increase Owner's Capital with a

14 ) asset side = goodwill

15 ) The account classification for Notes Payable is credit balance /liability /bs

16 )The normal balance for Common Stock is an asset

17 ) accounts payble credit balance

18 )FICA Tax Payable is a liability

19 )Decrease Utilities Expense is debit /ie

20 ) normal balance for Accounts Receivable is an asset

21) consulting revenue belongs to income statement

22) Rent Expense is a debit /is

23)intrest expenses is a debit / income statement

(most of questions are repeated ..)

g Revenue with a:

Question 7

Increase Equipment with a:

Question 8

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