Question 1 Increase Sales Tax Payable with a Debit Credit 4 points Question 2 De

Question

Question 1

Increase Sales Tax Payable with a

Debit

Credit

4 points   

Question 2

Decrease Common Stock with a:

Debit

Credit

4 points   

Question 3

The normal balance for Cash is

Debit

Credit

4 points   

Question 4

Increase Interest Payable with a:

Debit

Credit

4 points   

Question 5

The account classification for Common Stock is:

Asset

Liability

Equity

Revenue

Expense

4 points   

Question 6

Decrease Consulting Revenue with a:

Debit

Credit

4 points   

Question 7

Increase Equipment with a:

Debit

Credit

4 points   

Question 8

Decrease Equipment with a:

Debit

Crdit

4 points   

Question 9

Notes Receivable would appear on the:

Balance Sheet

Income Statement

Statement of Owner's Equity

4 points   

Question 10

Increase Notes Payable with a:

Debit

Credit

4 points   

Question 11

Utilities Expense would appear on the:

Balance Sheet

Income Statement

Statement of Owner's Equity

4 points   

Question 12

The account classification for Allowance for Doubtful Accounts is contra:

Asset

Liability

Equity

Revenue

Expense

4 points   

Question 13

Increase Owner's Capital with a:

Debit

Credit

4 points   

Question 14

Goodwill would appear on the:

Balance Sheet

Income Statement

Statement of Owner's Equity

4 points   

Question 15

The account classification for Notes Payable is:

Asset

Liability

Equity

Revenue

Expense

4 points   

Question 16

The normal balance for Common Stock is:

Debit

Credit

4 points   

Question 17

The normal balance for Accounts Payable is:

Debit

Credit

4 points   

Question 18

FICA Tax Payable would appear on the:

Balance Sheet

Income Statement

Statement of Owner's Equity

4 points   

Question 19

Decrease Utilities Expense with a:

Debit

Credit

4 points   

Question 20

The normal balance for Accounts Receivable is:

Debit

Credit

4 points   

Question 21

Consulting Revenue would appear on the:

Balance Sheet

Income Statement

Statement of Owner's Equity

4 points   

Question 22

The normal balance for Rent Expense is:

Debit

Credit

4 points   

Question 23

The normal balance for Interest Expense is:

Debit

Credit

4 points   

Question 24

The account classification for Allowance for Doubtful Accounts is contra:

Asset

Liability

Equity

Revenue

Expense

4 points   

Question 25

The account classification for Owner's Capital is:

Asset

Liability

Equity

Revenue

Expense

4 points   

Debit

Credit

Explanation / Answer

1)

Sales tax is a liability. In double accounting, assets are debits and liabilities are credits. Sales tax payable is a liability account. Hence, to increase sales tax liability we have to credit the sales tax payable account.

Hence, correct option is credit.

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