Question and answer
An increase in an expense account must be A. debited B. credited C. either debited or credited, depending on the circumstances D. capitalized
Question
Asked 2/4/2013 7:01:08 AM
Updated 5/17/2014 6:24:08 AM
2 Answers/Comments
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User: An increase in an expense account must be A. debited B. credited C. either debited or credited, depending on the circumstances D. capitalized

Weegy: An increase in an expense account must be DEBITED.



User: ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry? A. Cash $100 Common Stock $100 B. Cash $500 Common Stock $500 C. Cash $500 Paid-in Capital, Excess of Par $400 Common Stock $100 D. Cash $100 Paid-in Capital, Excess of Par $400 Common Stock $500

Weegy: D. Cash $100 Paid-in Capital, Excess of Par $400 Common Stock $500
gagseeker|Points 70|

User: In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a A. $600 credit balance B. $1,400 debit balance C. $800 debit balance D. $800 credit balance

Weegy: The cash account has a $800 debit balance.
jeifunk|Points 8562|

User: Which ledger contains control accounts? A. Accounts receivable subsidiary ledger B. General ledger C. Accounts payable subsidiary ledger D. General revenue and expense ledger

Weegy: Accounts Receivable and Accounts Payable are examples of both nominal accounts and controlling accounts.
OxTornado007|Points 6649|

User: Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith's account? A. Accounts receivable subsidiary ledger B. Accounts receivable control ledger C. General ledger D. Accounts payable subsidiary ledger

Weegy: Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith's account? Answer: A. [ Accounts receivable subsidiary ledger target=_blank rel='nofollow'>https://docs.google.com/viewer?a=v&q=cache:n9ErpkPC1XQJ:' target=_blank rel='nofollow'>www.experts4students.com/uploads/tutorial/1346495194ACC%2520290%2520Answered%252030%2520Questions.docx+&hl=en&gl=ph&pid=bl&srcid=ADGEESizGBFy2b4B5RY_L5PL72BGSznVPz2yZBz9dsyHzw61hbWpiVPed0fBd-UB144NLNxydCU_SnYohdrOO2i8njm6EzD4wJyPP1tfJUxYbVAbCZwPchgMoEUgmKMy0mAb0lAy7VYi&sig=AHIEtbSS5hJRMp9gG8nFd5etNE0Yqh8jew ]
Expert answered|paral|Points 3495|

User: Under the cash basis of accounting, A. revenue is recognized when services are performed B. expenses are matched with the revenue that is produced C. cash must be received before revenue is recognized D. a promise to pay is sufficient to recognize revenue

Question
Asked 2/4/2013 7:01:08 AM
Updated 5/17/2014 6:24:08 AM
2 Answers/Comments
New answers
Rating
3
Under the cash basis of accounting, cash must be received before revenue is recognized.
Added 5/12/2014 7:47:59 PM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [5/12/2014 7:49:11 PM], Rated good by jeifunk
3
Which ledger contains control accounts?
- The GENERAL LEDGER contains control accounts.
Added 5/17/2014 6:24:08 AM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [5/25/2014 10:23:42 AM], Rated good by debnjerry
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