1. A sale on account would be recorded by:

debiting revenue.
crediting assets.
crediting...

Question

1. A sale on account would be recorded by:

debiting revenue.
  crediting assets.
  crediting liabilities.
  debiting assets.

2. The adjusting entry required to record accrued expenses includes:

a
 credit to cash.
  a debit
 to an asset.
  a
 credit to an asset.
  a
 credit to liability

3.Permanent accounts would not include:

cost of
 goods sold.
  inventory.
  current
 liabilities.
  accumulated depreciation.

4. Notes payable:

is a
 current liability account.
  usually
 has a debit balance.
  is a
 non-current liability account.
  cannot
 determine its classification without additional information.

5. Which of the following is not a financing ratio?

Time
 interest earned ratio.
  The
 debt to equity ratio.
  The
 current ratio.
  All of
 the above are financing ratios.

Robert · Accepted Answer

Description 
1. A sale on account would be recorded by: 
debiting revenue. 
crediting assets. 
crediting liabilities. 
debiting assets.
Solution: crediting assets.
2. The adjusting entry required to record accrued expenses includes: 
a credit to cash. 
a debit to an asset. 
a credit to an asset. 
a credit to liability
Solution: a credit to liability
3.Permanent accounts would not include: 
cost of goods sold.

1. A sale on account would be recorded by: debiting revenue. crediting assets. crediting liabilities. debiting assets. 2. The adjusting entry required to record accrued expenses includes: a credit to...

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