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Received on July 27, 2020 the electrical bill for $3,100. The bill will be paid on August 2. What accounts to increase (decrease) on July 27th?   Select one: a. Increase Electrical Bill; decrease Cash b. Increase Electrical Expense; increase Accounts Payable c. Increase Bill; decrease Cash d. Increase Electrical Expense; decrease Accounts Payable e. Increase Electrical Bill; increase Cash

Received on July 27, 2020 the electrical bill for $3,100. The bill will be paid on August 2. What accounts to increase (decrease) on July 27th?   Select one: a. Increase Electrical Bill; decrease Cash b. Increase Electrical Expense; increase Accounts Payable c. Increase Bill; decrease Cash d. Increase Electrical Expense; decrease Accounts Payable e. Increase Electrical Bill; increase Cash

FINANCIAL ACCOUNTING
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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1. Received on July 27, 2020 the electrical bill for $3,100. The bill will be paid on August 2. What accounts to increase (decrease) on July 27th?

 

Select one:
a. Increase Electrical Bill; decrease Cash
b. Increase Electrical Expense; increase Accounts Payable
c. Increase Bill; decrease Cash
d. Increase Electrical Expense; decrease Accounts Payable
e. Increase Electrical Bill; increase Cash

2. A credit is used to record: 

Select one:
a. A decrease in a revenue account.
b. A decrease in a liability account.
c. An increase in the withdrawals account.
d. An increase in a revenue account.
e. An increase in an asset account.
 
3. 

The accounting principle that requires revenue to be reported when earned is the: 

Select one:
a. Timeliness principle.
b. Cost principle.
c. Matching principle.
d. Revenue recognition principle.
e. Going concern principle.
 
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