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95. The classification and normal balance of the drawing account is A. an expense with a credit balance B. an expense with a debit balance C. a liability with a credit balance D.owner's equity with a debit balance 96. Which of the following accounts are debited to record increase in balances? A. assets and liabilities B. drawing and liabilities C. expenses and liabilities D.assets and expenses 97. In which of the following types of accounts are increases recorded by credits? A.revenues and liabilities B. drawing and assets C. liabilities and drawing D. expenses and liabilities 98. In which of the following types of accounts are decreases recorded by debits? A. assets B.revenues C. expenses D. drawing 99. In which of the following types of accounts are decreases recorded by credits? A. liabilities B. owner's capital C.drawing D. revenues 100. A credit balance in which of the following accounts would indicate a likely error? A. Fees Earned B.Salary Expense C. Janet James, Capital D. Accounts Payable
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Financial Accounting: The Impact on Decision Makers
Norton/Porter
101. A debit balance in which of the following accounts would indicate a likely error? A. Salaries Expense B.Notes Payable C. Edgar Martin, Drawing D. Supplies 102. Randomly listed below are the steps for preparing a trial balance: (1) Verify that the total of the Debit column equals the total of the Credit column. (2) List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance. (3) List the name of the company, the title of the trial balance, and the date the trial balance is prepared. (4) Total the Debit and Credit columns of the trial balance. What is the proper order of these steps?A.(3), (2), (4), (1)B. (2), (3), (4), (1)C. (3), (2), (1), (4)D. (4), (3), (2), (1)103. Which of the following entries records the payment of an account payable? A. debit Cash; credit Accounts Payable B. debit Accounts Receivable; credit Cash C. debit Cash; credit Supplies Expense D.debit Accounts Payable; credit Cash 104. Which of the following entries records the investment of cash by Ron York, owner of a proprietorship? A. debit Ron York, Capital; credit Accounts Receivable B.debit Cash; credit Ron York, Capital C. debit Ron York, Drawing; credit Cash D. debit Cash; credit Ron York, Drawing 105. Which of the following entries records the receipt of a utility bill from the water company? A.debit Utilities Expense; credit Accounts Payable B. debit Utilities Payable; credit Accounts Receivable C. debit Accounts Payable; credit Cash D. debit Accounts Payable; credit Utilities Payable