A: liability; credit
B: asset; credit
C: revenue; debit
D: asset; debit
举一反三
- What type of account is Unearned Revenue (asset, liability, stockholders’ equity, revenue, or expense) and what is its normal balance, respectively?
- 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
- Unearned revenue is reported in the financial statements as: A: A liability on the balance sheet. B: A revenue on the balance sheet. C: An unearned revenue on the income statement. D: An asset on the balance sheet.
- Unearned revenue is reported in the financial statements as: A: A revenue on the balance sheet. B: A liability on the balance sheet. C: An unearned revenue on the income statement. D: An asset on the balance sheet. E: An operating activity on the statement of cash flows.
- Unearned revenue is a (n) account. ( ) A: revenue B: expense C: liability D: asset
内容
- 0
Unearned Revenue is classified as a(n) ________ account. A: liability B: asset C: revenue D: equity
- 1
Matthew Company purchases a trading security for $12,000 cash. The journal entry to record this transaction will include a: A: debit to the Investment in Trading Securities account and a credit to Cash. B: debit to Cash and a credit to the Investment in Trading Securities account. C: debit to Long-term Investment and credit Cash. D: debit to Dividend Revenue and credit to Cash.
- 2
An attorney performs services of $1,100 for a client and receives $400 cash, with the remainder on account. The journal entry for this transaction would A: debit Cash, debit Service Revenue, credit Accounts Receivable. B: debit Cash, debit Accounts Receivable, credit Service Revenue. C: debit Cash, credit Service Revenue. D: debit Cash, credit Accounts Receivable, credit Service Revenue.
- 3
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.
- 4
Adjusting entries are necessary so that asset, liability, revenue, and expense account balances are correctly recorded.