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Author Question: If the effect of the credit portion of an adjusting entry is to increase the balance of a liability ... (Read 67 times)

chandani

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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

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Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

B


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