10,000 was received in cash and the remainder on account. This transaction will require a: A. Credit to service revenue for Php 20,000 B. Credit to cash for Php 10,000 C. Debit to accounts receivable for Php 20,000 D. Credit to accounts payable for Php 20,000 8. Which of the following statements is incorrect? A. Asset is increased by a debit and decreased by a credit. B. Liability and capital are increased by a credit and decreased by a debit. C. Expense in increased by a debit and decreased by a credit. D. Income and withdrawal are increased by a credit and decreased by a debit.

10,000 was received in cash and the remainder on account. This transaction will require a: A. Credit to service revenue for Php 20,000 B. Credit to cash for Php 10,000 C. Debit to accounts receivable for Php 20,000 D. Credit to accounts payable for Php 20,000 8. Which of the following statements is incorrect? A. Asset is increased by a debit and decreased by a credit. B. Liability and capital are increased by a credit and decreased by a debit. C. Expense in increased by a debit and decreased by a credit. D. Income and withdrawal are increased by a credit and decreased by a debit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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