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- A company receives $500 of cash as an additional investment in the company by its owner, Mary Smith. The company's Cash account is increased and Mary Smith, Capital is increased.
||Should the $500 entry to the Cash account be a debit?
||Should the $500 entry to Mary Smith, Capital be a debit?
- A company performed services on account in August. The services were for
$2,000 and the company gave the customer credit terms that state the amount is
to be paid to the company in September.
- To increase the balance in the following accounts, would you debit the account or would you credit the account?
- To decrease the balance in the following accounts, would you
debit the account or would you credit the account?
- What is the normal balance for the following accounts?
||Generally when an expense is involved in a transaction, an expense will be
||Generally when revenues are involved in a transaction, a revenue account will be
||The accountant's word to indicate that an entry will be recorded on the left-side of an account is
||A contra-asset account such as Accumulated Depreciation will likely have which balance?
||A contra-liability account such as Discount on Notes Payable will likely have which balance?