Which of the following accounts normally has a debit balance

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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