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Which of the following is decreased with a credit?

Algonquin Company reported assets of $50,000, liabilities of $22,000 and common stock of $15,000. Based on this information only, what is the amount of the company’s retained earnings?

The Youngstown Company recorded the following adjustment in general journal format: Account TitleDebitCreditSupplies Expense500 Supplies 500 Which of the following choices accurately reflects how this event would affect the company’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.Increase=Increase+ Increase− =IncreaseIncrease Operating Activity (OA)B.Decrease= +Decrease −Increase=DecreaseDecrease Operating Activity (OA)C.Decrease= +DecreaseDecrease− =DecreaseIncrease Operating Activity (OA)D.Decrease= +Decrease −Increase=Decrease

Fitzpatrick Company had $500 of accrued salary expenses that will be paid during the following accounting period. How would the related adjusting entry be recorded in the company’s T-accounts?

A transaction has been recorded in the T-accounts of Simpson Company as follows: CashDebitCredit850 Notes PayableDebitCredit 850 Which of the following could be an explanation for this transaction?

A company experienced an accounting event that is shown in the following T-accounts: Unearned RevenueDebitCredit2,400 RevenueDebitCredit 2,400 Which of the following reflects how this event affects the company’s financial statements?

Expenses are reported on which of the following financial statement(s)?

When a company purchases a depreciable asset, it must estimate the asset’s useful life and salvage value.

A transaction has been recorded in the general journal of Deluty Company as follows: Account TitleDebitCreditUnearned Revenue600 Consulting Revenue 600 Which of the following describes the effect of this transaction on the company’s financial statements?

Hawk Company purchased $800 of supplies on account. Which of the following shows how this purchase will affect Hawk’s balance sheet? Balance SheetAssets=Liabilities+Stockholders’ EquityCash+Supplies=Accounts Payable+Common Stock+Retained EarningsA. +800=800+ + B. +(800)= + +(800)C.(800)+800= + + D. + =800+ +(800)