QUIZZIZ EVALU8 1101 - WEEK 2

Which of the following accounts typically has a credit balance?

• Cash

• Accounts Receivable

• Unearned Income

• Office Supplies Expense

Which account's normal balance is on the credit side and decreases on the debit side?

• Prepaid Rent

• Salary Expense

• Cash equivalent

• Accounts Payable

If a company makes a journal entry to record a purchase of equipment for P10,000, which account will have a debit balance after the entry is made?

• Equipment

• Cash

• Accumulated Depreciation

• Accounts Payable

Which of the following accounts normally has a debit balance?

• Service Revenue

• Dividend income

• Rent Payable

• Prepaid Insurance

When recording the adjustment for depreciation expense, which account is increased?

• Accumulated Depreciation

• Depreciation Expense

• Equipment

• Retained Earnings

If a company records the payment of a liability, which account is decreased?

• Accounts Receivable

• Cash

• Accounts Payable

• Supplies

Which of the following accounts is classified as a contra account?

• Prepaid Rent

• Rent Expense

• Common Stock

• Accumulated Depreciation

A company receives P2,000 in advance for services it will provide next month. Which account is increased to record this transaction?

• Service Revenue

• Unearned Revenue

• Cash

• Prepaid asset

Which of the statements is correct?

• The normal balance of an account decreases that particular account.

• Crediting an account decreases it, except when assets are also credited.

• Purchase of an asset account will decrease the cash account.

• To increase an account, we must debit the account.

Which of the following accounts is an owner's equity account?

• Accounts Receivable

• Prepaid Rent

• Common Stock

• Utilities Expense