Question 18 FICA Tax Payable would appear on the: Balance Sheet Income Statement

Question

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

Balance Sheet

Income Statement

Statement of Owner's Equity

Explanation / Answer

18. Balance Sheet as it is an obligation for the company thus, will be shown in the Liability side of the balance sheet.

19. Credit. All expenses have debit balances thus they need to be credited to decrease any expense.

20. Debit. Because accounts receivables are asset and all assets have debit balances.

21. Income Statement. All accounts related to revenue and expenses comes under income statement.

22. Debit. Because rent is an expense and all expenses have debit .balances.

23. Debit. Because interest is an expense and all expenses have debit .balances.

24. Asset. Allowance for Doubtful Accounts is contra to Accounts Receivable which is an Asset.

25. Equity. Equity is the amount invested in the business by the owner.

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