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Question: 21 when a corporation sells one of its delivery trucks...

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21. When a corporation sells one of its delivery trucks for cash, should the corporation debit or credit its general ledger a22. In the routine entry to record depreciation, will the account Accumulated Depreciation be debited or credited? Debited Cr23. Accounts Payable is which type of account? Asset Liability Revenue Expense24. What is the normal balance for Accounts Payable? leit Credit25. Under the accrual method of accounting, which account should be debited when a company pays a suppliers invoice that hadIn hichaoun should a compay d he aolls iroi cusioS? Sales Revenues Sales Tax Expense Sales Taxes Payable the liability Notes28. Which part of a monthly loan payment will reduce the liability Notes Payable? Interest portion only Principal portion onl29. Which of the following will be included in the entry to record the payroll taxes that a company withheld from its employe30. What type of account is Deferred Revenues? An asset account A revenue account A liability account An owners equity accou31. Mary Smith, Drawing is what type of account? Asset Liability Expense Owners equity32. Which of the following is likely to have a debit balance? Accumulated Depreciation R. Smith, Capital R. Smiti, Drawing De33. Which type of balance in Retained Earnings will permit a corporation to declare a regular cash dividend? Debit balance Cr34. Under the accrual method of accounting, which account should be credited when a company processes a sales invoice for goo35. Would you expect the account Sales Discounts to have a debit or credit balance? Debit Credit36. Which of the following accounts will likely have a credit balance? Accrued Revenues Receivable Accrued Expenses Payable P37. Which type of account should be debited for the cost of a very large repair? Asset Expense38. Which of the following will have their balances increased with a debit entry? Assets and revenues Assets and expenses Lia39. Should the totals shown on a companys trial balance be the same as the totals shown on its balance sheet? Yes No40. Will the trial balance indicate that an amount was recorded in an incorrect account? Yes No

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