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Which of the following accounts normally has a debit balance

Which of the following accounts normally has a debit balance
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1.

Which of the following accounts normally has a debit balance?

 

Accounts Payable

 

Unearned service revenue

 

Prepaid Insurance

 

Common Stock

 

 

2.

 

The left side of a T-account is known as the:

 

Equity side

 

Claims side

 

Debit side

 

Credit side

 

 

12.

 

The Warner Company issued common stock for $500,000 cash. Which of the following shows the proper entry using T-accounts?

a.

cash

500000           -

common stock

-           500000

b.

Common stock

500000           -          

cash

-           500000

c.

Common stock

500000           -

retained earning

-           500000

d.

retained earning

500000            -

common stock

-           500000

 

 

20.

King Company provided repair service of $2,800 to a customer who paid $1,300 and promised to pay the remainder next month. Which of the following journal entries correctly records this transaction?

 

  Cash

1,300

 

  Accounts Payable

1,500

 

       Revenue

 

2,800

 

b.

 Cash

1,300

 

  Accounts receivable

1,500

 

   Revenue

 

1,500

 

Accounts Payable

 

1,300

 

 

c.

cash                 1300    -          

revenue           -           1300

d.

 Accounts Receivable

1,500

 

  Cash

1,300

 

Revenue                                                          -           2800

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