Which of the following transactions will result in the recognition of an expense? a) Common...
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Accounting
Which of the following transactions will result in the recognition of an expense?
a) Common Stock issued
b) Expiration of prepaid insurance
c) Purchase of land
d) Declaration and payment of a dividend
e) Accrual of Revenue
Accrual of an expense results in what net effect to the following?
a) b) c) d) e)
Liabilities Increased Unchanged Increased Unchanged Decreased
Owners Equity Unchanged Decreased Decreased Unchanged Increased
Accrual of a revenue results in: Total Assets
Total Liabilities Increased Decreased Increased Unchanged Unchanged
a) b) c) d) e)
Increased Decreased Increased Unchanged Increased
12. Recognition of revenue previously collected will cause what journal entry to what type of account?
a) b) c) d) e)
Debit Revenue Liability Asset Equity Liability
Credit Asset Asset Equity Asset Revenue
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