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Which of the following entries records the payment of a bill for your insurance premium? debit Insurance Payable; credit Accounts Receivable debit Prepaid Insurance; credit Cash debit Cash; credit Prepaid Insurance debit Accounts Payable; credit Cash

Which of the following entries records the payment of an account payable? debit Accounts Payable; credit Cash debit Accounts Receivable; credit Cash debit Cash; credit Accounts Payable debit Cash; credit Supplies Expense

Which of the following groups of accounts have a normal debit balance? revenues, liabilities, and capital liabilities and capital capital and assets assets and expenses

The classification and normal balance of the drawing account is owner's equity with a debit balance an expense with a credit balance a liability with a credit balance an expense with a debit balance

Which of the following is not considered to be a liability? Accounts Receivable Accounts Payable Unearned Revenues Wages Payable

The process of initially recording a business transaction is called balancing closing posting journalizing

Which of the following entries records the receipt of cash from clients on account? Accounts Receivable, debit; Fees Earned, credit Cash, debit; Accounts Receivable, credit Accounts Receivable, debit; Cash, credit Accounts Payable, debit; Fees Earned, credit

A credit balance in which of the following accounts would indicate a likely error? Salary Expense Janet James, Capital Accounts Payable Fees Earned

Office supplies purchased by Janer's Cleaning Service on account were returned. Which of the following entries for Janer's Cleaning Service records this transaction? Office Supplies, debit; Accounts Receivable, credit Accounts Payable, debit; Office Supplies, credit Cash, debit; Office Supplies, credit Office Supplies, debit; Accounts Payable, credit