Question 1 The normal balance for Interest Expense is: Debit Credit 4 points Que

Question

Question 1

The normal balance for Interest Expense is:

Debit

Credit

4 points   

Question 2

The normal balance for Loss on the Sale of Equipment is:

Debit

Credit

4 points   

Question 3

Increase Interest Receivable with a:

Debit

Credit

4 points   

Question 4

Decrease Treasury Stock with a:

Debit

Credit

4 points   

Question 5

The normal balance for Loss on the Sale of Equipment is:

Debit

Credit

4 points   

Question 6

The account classification for Allowance for Doubtful Accounts is contra:

Asset

Liability

Equity

Revenue

Expense

4 points   

Question 7

The normal balance for Accounts Receivable is:

Debit

Credit

4 points   

Question 8

Consulting Revenue would appear on the:

Balance Sheet

Income Statement

Statement of Owner's Equity

4 points   

Question 9

Utilities Expense would appear on the:

Balance Sheet

Income Statement

Statement of Owner's Equity

4 points   

Question 10

The account classification for Accumulated Depreciation is a contra:

Asset

Liability

Equity

Revenue

Expense

4 points   

Question 11

The account classification for Owner's Capital is:

Asset

Liability

Equity

Revenue

Expense

4 points   

Question 12

The normal balance for Bonds Payable is:

Debit

Credit

4 points   

Question 13

Increase Machinery with a:

Debit

Credit

4 points   

Question 14

The account classification for Gain on the Sale of Equipment is

Asset

Liability

Equity

Revenue

Expense

Debit

Credit

Explanation / Answer

1) Debit

2) Debit

3) Debit

4) Debit

5) Debit

6) Asset

7) Debit

8) Income Statement

9) Income Statement

10) Asset

11) Equity

12) credit

13) Debit

14) Revenue

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