Corporation

Which equation is correct ?

• Assets+Liabilities=Equity

• Assets=Liabilities+Equity

• Assets+Equity=Liabilities

• Assets+Liabilities=Capital

What is normal balance of Account Receivable ?

• Debit

• Credit

Journal entries for : Paid monthly rent

• Dr. Cash

  Cr. Rent Expense

• Dr. Prepaid Rent

  Cr. Rent Expense

• Dr. Rent Expense

  Cr. Cash

Purchase Land for $32,000 on account

• Dr. Land

  Cr. Accounts Payable

• Dr. Land

  Cr. Cash

• Dr. Land

  Cr. Accounts Receivable

What is the normal balance of Sales ?

• Debit

• Credit

Sales minus Cost of Good Sold equal with

• Net Income

• Gross Margin

• Operating Income

• Net Loss

Which one is the most liquid assets ?

• Account Receivable

• Machinery

• Inventories

• Land

Patent is subject to

• Depreciation

• Depletion

• Amortization

To close Net Income, journalize this entries

• Dr. Net Income

  Cr. Income Summary

• Dr. Income Summary

  Cr. Retained Earnings

• Dr. Retained Earnings

  Cr. Income Summary

• Dr. Retained Earnings

  Cr. Net Loss

What is the balance of Unearned Revenue ?

• Debit

• Credit