« previous next »

Author Question: If the effect of the credit portion of an adjusting entry is to increase the balance of a liability ... (Read 47 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?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Did you know?

There are immediate benefits of chiropractic adjustments that are visible via magnetic resonance imaging (MRI). It shows that spinal manipulation therapy is effective in decreasing pain and increasing the gaps between the vertebrae, reducing pressure that leads to pain.

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Multiple experimental evidences have confirmed that at the molecular level, cancer is caused by lesions in cellular DNA.

Example of Index entry with Main Term and indented subterms. Example of Index entry with Main Term and indented subterms.
Recommended Portion Sizes per Serving Recommended Portion Sizes per Serving
The Orographic Effect The Orographic Effect
The Dose-Effect Relationship, Showing (A) Drug Potency and (B) Drug Efficacy (Or Effectiveness) The Dose-Effect Relationship, Showing (A) Drug Potency and (B) Drug Efficacy (Or Effectiveness)
Acid–Base Balance Acid–Base Balance
Acid–Base Balance Acid–Base Balance
Video: Hormonal regulation of pregnancy - week 1

For a complete list of videos, visit our video library