accounting assignment 2

accounting assignment 2
the detailed record of the changes in a particular asset, liability, or owners equity is called? -
correct answer-an account

Which of the following accounts is a​liability?
A.
Prepaid Rent Expense
B.
Unearned Revenue
C.
Accounts Receivable
D.
Service Revenue - correct answer-B) Unearned Revenue

The left side of an account is used to record which of the​following? - correct answer-Debits

Which of the following statements is​correct?
A.
Accounts Payable is increased with a credit.
B.
Rent Expense is increased with a credit.
C.
Prepaid Expenses are decreased with a debit.
D.
Unearned Revenue is increased with a debit. - correct answer-A) Accounts payable is
increased with a credit

Debit or Credit - correct answer-increase to cash=D
decrease to account payable=D
increase to owner, Capital=C
increase to unearned revenue=C
decreased to accounts receivable=C

debit or credit continued - correct answer-increase to interest revenue=C
increase to rent expense=D
decrease to office supplies=C
increase to prepaid rent=D
increase to notes payable=C

Asset, liability or equity
Credit or debit - correct answer-interest revenue=E, C
accounts payable=L, C
calhoun, capital=E, C
office supplies=A, D
advertising expense=E, D