Question 43 ptsWAGES EXPENSE is a(an)and is increased with aFill in the blanks with the appropriate response.For the first blank, choose between: Asset, Liability, Equity, Revenue or Expense (choose the mostspecific)For the second blank, choose between Debit or Credit (the abbreviation will be fine as well)Question 52 ptsGAAP requires Company's to record revenues when earned andexpenses only when paid for.O TrueFalseSearch or type URL%23%&

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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

Which of the following accounts is considered a temporary or nominal account?A. Fees Earned RevenueB. Prepaid AdvertisingC. Unearned Service RevenueD. Prepaid Insurance
Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Rental revenue
The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue, credit d. liability, credit
What is service fees listed as: equity, revenue, expense, account or a liability?
Identify the statement below that is correct: Multiple Choice Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. The left side of a T-account is the credit side. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. The total amount debited need not equal the total amount credited for a particular transaction. The left side of a T-account is the debit side.
When liability, capital, and revenue accounts increase, there will be a _____________. a. Neither Debit nor credit b. Credit. c. debit and credit. d. debit.
A ____ will cause Deferred Revenue to decrease. A. Debit B. Credit
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What is the liability created by receiving revenue in advance called (before it is actually earned)? Group of answer choices accrued reveneu prepaid expense unearned revenue accrued expense
Please answer with reason for all why the option is correct and why the other options are incorrect.. Accounting type Question: A Trial Balance shows A. The balance of Profit and Loss Account B. Complete accuracy of accounting done by the accountant C. Arithmetical accuracy of ledger balances D. Balance between assets and liabilities Answer: Option C
Making a prepayment for insurance will have the effect of select one: a) Increasing expenses and decreasing net profit b) decreasing expenses and increasing gross profit c) Increasing expenses and decreasing gross profit d) Decreasing expenses and increasing net profit
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WAGES EXPENSE is a(an) and is increased with a Fill in the blanks with the appropriate response. For the first blank, choose between: Asset, Liability, Equity, Revenue or Expense (choose the most specific) For the second blank, choose between Debit or Credit (the abbreviation will be fine as well)