140.
April
23
Cash
26,000
Jim Xu, Capital
26,000
Invest cash in Xu Co.
The journal entry will:
A. Increase Capital and decrease Cash
B. Increase Cash and decrease Capital
C. Increase Cash and increase Capital
D. Decrease Cash and decrease Capital
141.
May
24
Land
105,000
Cash
105,000
Purchased land for business
What effects does this journal entry have on the accounts?
A. Increase Cash and increase Land
B. Increase Land and decrease Cash
C. Decrease Cash and decrease Land
D. Increase Cash and decrease Land
142.
March
10
Accounts Payable
800
Cash
800
Paid creditors on account
What effect does this journal entry have on the accounts?
A. Decrease accounts payable, increase cash
B. Increase cash, decrease accounts payable
C. Increase accounts payable, increase cash
D. Decrease accounts payable, decrease cash
143. Which
of the following accounts would be increased with a credit?
A. Land, Accounts Payable, Drawing
B. Accounts Payable, Unearned revenue, Collins Capital
C. Collins Capital, Accounts Receivable, Unearned Revenue
D. Cash, Accounts Receivable, Collins Capital
144. In
accordance with the debit and credit rules, which of the following is
true?
A. Debits increase assets.
B. Credits increase assets.
C. Debits increase both assets and capital.
D. Credits increase both assets and liabilities.
145. All
of the following accounts are increased with a debit except:
A. Unearned Revenues
B. Land
C. Accounts Receivable
D. Cash
146. Which
of the following ownerΓ’ΒΒs equity accounts follows the same debit and credit
rules as liabilities?
A. Expense accounts only
B. Drawing accounts only
C. Revenues accounts only
D. Expenses and drawing accounts
147. The
payment for the monthly rent will require the following entry
A. Debit Cash and Debit Rent Expense
B. Credit Cash and Credit Rent Expense
C. Debit Rent Expense and Credit Cash
D. Credit Rent Expense and Debit Cash
148. Expenses
follow the same debit and credit rules as
A. Revenues
B. Drawing Account
C. Capital Account
D. Liabilities
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