中国大学MOOC: Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are:
举一反三
- Which one of the following statements is correct？ A: An increase in an asset is a debit and an increase in an expense is a credit B: An increase in capital is a debit and an increase in a liability is a credit C: An increase in an expense is a debit and a reduction in an asset is a credit D: A reduction in a liability is a debit and an increase in an expense is a credit
- The purchase of tools on account is recorded by a A: debit to Accounts Payable and a credit to Tools. B: credit to Tools and a credit to Accounts Payable. C: debit to Tools and a credit to Accounts Payable. D: debit to Tools and a debit to Accounts Payable.
- Unearned Revenue is a ________ account and carries a ________ normal balance. A: liability; credit B: asset; credit C: revenue; debit D: asset; debit
- If Abby, Inc. sells items to a customer who uses a credit card for $1,000, and there is a credit card fee of 1.5%, Abby will record a(n): A: credit to Sales Revenue for $985. B: debit to Accounts Receivable for $985. C: debit to Sales expense for $65. D: debit to Credit Card Discount Expense for $15.
- Adjusting entries are necessary so that asset, liability, revenue, and expense account balances are correctly recorded.