7. The owner\'s Withdrawals account appears on A) the statement of owner\'s equi

Question

7. The owner's Withdrawals account appears on A) the statement of owner's equity only. B) the balance sheet only C) the income statement only. D) both the income statement and the balance sheet. 8. Which of the following accounts is increased with a debit? A) Rent Payabie B) Owner's Withdrawals C) Legal Fees Earned D) Owner's Capital 9. Which of the following accounts is increased with a credit? A) Owner's Withdrawals B) Fees Earned C) Supplies D) Suppies Expense 10. Which pair of accounts follows the rules of debit and credit in the same manner? A) Owner's Capital and Rent Expense B) Revenue from Services and Equipment C) Repair Expense and Notes Payable D) Prepaid Rent and Advertising Expense 11. Which pair of accounts follows the rules of debit and credit in the opposite manner? A) interest Payable and Owner's Capital B) Owner's Withdrawals and Medical Fees Eaned C) Advertising Expense and Land D) Prépaid Insurance and Owner's Withdrawals 12. Which of the following accounts is decreased with a debit? A) Notes Payable B) Interest Expense C) Cash D) Owner's Withdrawals

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Q7 A the statement of owners Equity inly Q8 B Owners Withdrawls Q9 B Fees earned Q10 D prepaid rent and advertising expense Q11 B Onwers withdrawls and medical fees earned Q12 A Notes payable

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