1) Accounts payable had a normal starting balance of $800. There were debit postings of $600 and credit postings of $300 during the month.The ending balance is:
a) $500 credit
b)$1000 debit
c)$500 debit
d)1000 credit
2) Which of the following groups of accounts have a normal debit balance?
a) revenue, liabilities, and capital
b) Assets, capital, and withdrawals
c) liabilities, expenses and assets
d) assets, expenses and withdrawals
3) Which of the following entries would be used to record the billing of fees earned?
a) Debit accounts receivable and credit rental fees
b) credit cash and credit rental fees
c) debit cash and credit rental fees
d) debit cash and debit rental fees
4) Which of the statements of the rules of debit and credit is true ?
a) decrease account receivable with a credit and the normal balance is a credit
b) increase account payable with a credit and the normal balance is a credit
c) increase capital with a debit and the normal balance is a debit
d) decrease cash with a debit and the normal balance is a debit