Net wages of 24,000 are paid to employees. Which account is debited? Select one: a. Cash...

Net wages of 24,000 are paid to employees. Which account is debited?

Select one:

a. Cash

b. Net wages control

A business invoices customers for fees, giving credit of 30 days. Which account is the debit entry posted to?

Select one:

a. Accounts receivable

b. Accounts payable

A telephone bill is received by the business for 500. Which account is the debit entry posted to?

Select one:

a. Telephone expense

b. Accounts payable

A deposit of 1,500 is received from a customer for work to be started next month. Which account is credited?

Select one:

a. Fee income

b. Deferred income

What entry should you make in an asset account to increase an asset?

Select one:

a. Debit

b. Credit

What entry should you make in a liability account to increase a liability?

Select one:

a. Credit

b. Debit

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

An example of income payment is wages. These are paid to exchange for: Select one: 1....

An example of income payment is wages. These are paid to exchange for: Select one: 1. Investment 2. government spending 3. consumer spending 4. human resources

Prepaid $3600 cash for a one-year insurance policy. The account that gets debited is______ . The...

Prepaid $3600 cash for a one-year insurance policy. The account that gets debited is______ . The account that gets credited is_______. Prepaid Insurance Cash Insurance Expense Accounts Payable

Selected amounts at Dec 31, 2019 cash paid employees for salaries & wages $300,000 Cash collected...

Selected amounts at Dec 31, 2019 cash paid employees for salaries & wages $300,000 Cash collected from sales customers $1,850,000 Bonds Payable $500,000 Cash $150,000 Common Stock $60,000 Equipment $840,000 Prepaid Insurance $30,000 Inventory $250,000 Prepaid Rent $140,000 Retained Earnings $130,000 Salaries&Wages Expense $328,000 Sales $2,000,000 Make the following 5 adjusting entries 1) Equipment, purchased Jan 1, 2019 has a useful life of 12 years with no salvage value(straight-line method) 2)Interest accrued on bonds payable is $20,000 as of Dec...

16.The expenditures control account of a governmental unit is debited when: The invoice is paid. The...

16.The expenditures control account of a governmental unit is debited when: The invoice is paid. The budget is recorded. Supplies are ordered. Supplies previously encumbered are received. 17.The special revenue fund of a governmental unit is an example of what type of fund? Governmental. Proprietary. Fiduciary. Internal service. 18.The account "interfund transfers in" would be classified in a general fund statement of revenues, expenditures, and changes in fund balance as a (an): Revenue. Current liability. Fund balance addition. Other financing...

The 3.8% additional Medicare surtax is paid by employees on their wages in excess of $250,000...

The 3.8% additional Medicare surtax is paid by employees on their wages in excess of $250,000 MFJ ($200,000 Single, $125,000 MFS), while the 0.9% additional Medicare tax is paid on the lesser of net investment income or modified adjusted gross income (MAGI) over certain threshold amount (MFJ $250k, MFS $125k, Single $200k). True False

1- Competition among entrepreneurs will result in Select one: a. Workers getting paid higher wages than...

1- Competition among entrepreneurs will result in Select one: a. Workers getting paid higher wages than otherwise due to better alternative employment opportunities available. b. Consumers paying higher prices than otherwise, due to increased cost. c. Entrepreneurs making higher profits than otherwise due to increased efficiency. d. Less product innovation than otherwise due to increased cost pressures and lower research budgets.

An employer has 14 full-time equivalent (FTE) employees whose average wages are $24,000. The employer pays...

An employer has 14 full-time equivalent (FTE) employees whose average wages are $24,000. The employer pays $208,000 in 2017, which is 80% of its employees' eligible health insurance premiums for the year. The employer's credit for small employer health insurance premiums is: A. $104,000 B. $44,571 C. $76,265 (Edit: This was the correct answer!) D. $59,429 (this answer was marked incorrect when submitted) E. $27,735

The company wages expense is paid every 20. With a total of 20 casual employees, the...

The company wages expense is paid every 20. With a total of 20 casual employees, the daily wage expense is Rp.4,000,000. Wages for working days after the 20th, paid on the 20th of the following month. The remaining workdays after payment of wages on October 20 are 6 days. Make adjusting entries to be made for the preparation of the monthly financial statements as of October 31, 2015 for the transaction!

Which of the following expenditures should be expensed (debited to an expense account)? A refrigeration system...

Which of the following expenditures should be expensed (debited to an expense account)? A refrigeration system added to a tractor trailer. The replacement of an engine on an airplane. An oil change for a delivery vehicle. The addition of a garage to a home.

Which of the following is a temporary account? Select one: a. Revenues b. Land c. Account...

Which of the following is a temporary account? Select one: a. Revenues b. Land c. Account payable d. Cash If the company uses FIFO, what is the value of cost of goods sold for October? 1-Oct beginning inventory 50@4 10-Oct Purchase [email protected] 20-Oct Purchase 150@5 31-Oct Sold 220@7 Select one: a. $1,000 b. $1,200 c. $1,065 d. $1,028 Which of the following accounts is not a temporary account? Select one: a. Revenues b. Withdrawals c. Income summery d. Account receivable...

Subjects