For each item that follows, indicate whether a debit or a credit applies.increase in prepaid insurance [Select][ Select ]Debitincrease in commissions earne Creditincrease in unearned revenue[ Select]

Prepaid insurance Asset Commissions earned Revenue Unearned revenue Liability

Answered: For each item that follows, indicate…

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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Similar questions

Credit terms of 1/10, n/30 means
Communication (income statement): The balance of Interest Expense from accruing interest to be paid has what effect on the income statement in the current year? Multiple Choice A. Decreases net income. B. No effect. C. Increases net income.
The accounting treatment of Discount on bill discounted is: a. A current liability b. A current asset c. An income for a bank d. An expenses for a bank
When the amount of rebate on bills discounted shown in the adjustments, then it has to be: a. Deducted from discounts received on bills and shown in other liabilities b. Deducted from discounts on bills purchased and shown in fixed assets c. Deducted from discounts received on bills and shown in other assets d. Added to discounts received on bills and shown in other liabilities
Assuming the current ratio equals 2, which of the following would cause the current ratio to increase? O Accrual for payroll. Declaration of cash dividend. O Payment for inventory purchased on account. O Inventory purchased on account.
18.The revolving credit can be revolved in relation to A. time B. value C. time and value D. time or value

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For each item that follows, indicate whether a debit or a credit applies. increase in prepaid insurance [Select] [ Select] Debit increase in commissions earne Credit increase in unearned revenue [ Select]