Question

In: Accounting

9) For Office Supplies, the category of account and its normal balance is

A) assets and a credit balance

B) liabilities and a credit balance

C) assets and a debit balance

D) liabilities and a debit balance

10) For Expenses, the category of account and its normal balance is

A) assets and a credit balance

B) equity and a debit balance

C) equity and a credit balance

D) assets and a debit balance

11) For Retained Earnings, the category of account and its normal balance is

A) assets and a debit balance

B) assets and a credit balance

C) equity and a credit balance

D) equity and a debit balance

12) Which one of the following account groups normally has a debit balance?

A) liabilities and revenues

B) assets and liabilities

C) revenues and expenses

D) assets and expenses

13) Which of the following sequences is the normal sequence of flow of accounting data?

A) Ledger - Journal - Source document

B) Source document - Jourmal - Ledger

C) Source document - Ledger - Journal

D) Journal - Source document - Ledger

Expert Solution

Question 9

The answer is C - Assets and a debit balance

.

Question 10

The answer is B - Equity and a debit balance

Note: Revenue increases the equity and expenses decreases the equity.

.

Question 11

The answer is C - Equity and a credit balance

.

Question 12

The answer is D - Assets, and Expenses

.

Question 13

.The answer is B - Source document - Journal - Ledger

ekkarill92 answered 2 years ago

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