GB 518 RANK Career Path Begins/gb518rank.com GB 518 RANK Career Path Begins/gb518rank.com | Page 10

The right-hand side of a T-account
A decrease in an account
The left-hand side of a T-account
An increase to a liability account
Question 4. Question :
Which of the following elements
are found on the Balance Sheet?
Service Revenue
Net Income
Operating Activities
Utilities Expense
Retained Earnings
Question 5. Question :
A credit is used to record:
An increase in an expense account
An increase in an asset account
An increase in an unearned revenue account
A decrease in a revenue account
A decrease to retained earnings
Question 6. Question :
Apatha Company has assets of
$600,000, liabilities of $250,000 and equity of $350,000. It buys
office equipment on credit for $75,000. The effects of this
transaction include:
Assets increase by $75,000 and expenses increase by $75,000
Assets increase by $75,000 and expenses decrease by $75,000
Liabilities increase by $75,000 and expenses decrease by
$75,000Assets decrease by $75,000 and expenses decrease by
$75,000 Assets increase by $75,000 and liabilities increase by
$75,000
Question 7. Question :
Of the following accounts, the
one that normally has a credit balance is:
Cash
Office Equipment