colelege accounting the author of the book is mc graw hill 496589

COLELEGE ACCOUNTING THE AUTHOR OF THE BOOK IS: Mc GRAW-HILL

The questions are from quiz nr.3
Question 1 of 20 5.0/ 5.0 Points

The Accounts Payable account is:
A. an expense, and it has a normal credit balance.
B. a liability, and it has a normal debit balance.
C. a revenue, and it has a normal debit balance.
D. a liability, and it has a normal credit balance

Question 2 of 20 0.0/ 5.0 Points
The business provided services to a cash customer. To record this:
A. an expense is debited and Capital is credited.
B. an asset is debited and a revenue is credited.
C. an asset is debited and a liability is credited.
D. None of these are correct

Question 3 of 20 5.0/ 5.0 Points
The beginning balance in the Computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is:
A. credit of $2,000.
B. debit of $2,000.
C. debit of $3,000.
D. credit of $3,000

Question 4 of 20 5.0/ 5.0 Points
A compound entry is:
A. found on the income statement.
B. a transaction involving more than one debit and/or credit.
C. the same as the chart of accounts.
D. used to prepare the trial balance

Question 5 of 20 0.0/ 5.0 Points
Carrie flew to San Francisco on a business trip. The purchase price of the ticket was $422 and it was bought on account. The entry to record the transaction is:
A. debit Travel Expense, $422; credit Cash, $422.
B. debit Capital, $422; credit Accounts Payable, $422.
C. debit Accounts Payable, $422; credit Travel Expense, $422.
D. debit Travel Expense, $422; credit Accounts Payable, $422
Question 6 of 20 0.0/ 5.0 Points
A credit may signify a(n):
A. increase in capital.
B. increase in withdrawals.
C. increase in assets.
D. decrease in liabilities

Question 7 of 20 5.0/ 5.0 Points
A credit to an asset account was posted to the Capital account. This error would cause:
A. liabilities to be overstated.
B. assets to be overstated.
C. Capital to be understated.
D. Both A and C are correct

Question 8 of 20 0.0/ 5.0 Points
Accounts Receivable has a normal balance of $1,100. After collecting $800, the balance in the account is:
A. credit $1,900.
B. credit $300.
C. debit $1,900.
D. debit $300

Question 9 of 20 0.0/ 5.0 Points
A debit to an asset account was posted to a liability account. This error would cause:
A. capital to be overstated.
B. assets to be understated.
C. liabilities to be overstated.
D. None of the above are correct

Question 10 of 20 0.0/ 5.0 Points
Which of the following types of accounts has a normal debit balance?
A. Assets
B. Expenses
C. Withdrawals
D. All of these answers are correct