« previous next »

Author Question: If the effect of the credit portion of an adjusting entry is to increase the balance of a liability ... (Read 52 times)

chandani

  • Hero Member
  • *****
  • Posts: 541
on: Jul 5, 2018
If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry?
 a. increases the balance of a contra asset account
  b. increases the balance of an asset account
  c. decreases the balance of an owner's equity account
  d. increases the balance of an expense account

Question 2

A college has a June 30 fiscal year end. Assume that tuition revenue for the summer session that begins June 1, 20X8, and ends August 31, 20X8 totals 270,000 . Tuition is billed and is due at the beginning of the session.
 
  How much of the summer school tuition revenue should be reported as of the fiscal year ended June 30, 20X8?
  a. 270,000
  b.  90,000
  c.  180,000
  d.  135,000
  e.  0


okolip

  • Sr. Member
  • ****
  • Posts: 362
Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

The effect of a double bond on the shape of fatty acids The effect of a double bond on the shape of fatty acids
Effect of extreme homoallostery Effect of extreme homoallostery
Chilling Effect of a Cold Current Chilling Effect of a Cold Current
Fluid Balance Fluid Balance
Time-of-entry mapping Time-of-entry mapping
Chloride and bicarbonate exchange in the renal tubules and effect of aldosterone on excretion of H+ Chloride and bicarbonate exchange in the renal tubules and effect of aldosterone on excretion of H+
Video: Inflammatory response Animation

For a complete list of videos, visit our video library