31. The double-entry system of bookkeeping normally results in which of the following balances in the ledger accounts?
Debit: Assets and revenue
Credit: Liabilities, equity, and expenses
Debit: revenue, capital, and liabilities
Credit: Assets and expenses
Debit: Assets and expenses
Credit: Liabilities, equity, and revenueÂ
Debit: Assets, expenses, and capital
Credit: Liabilities and revenueÂ
32. In the first month of operations, Pepper Consulting’s total debit entries to the cash account amounted to $900, and the total credit entries to the cash account amounted to $600. The cash account has a:
- $600 credit balance
- $300 credit balance
- $900 debit balance
- $300 debit balance
33. Pepper Consulting bought computers with credit from PYO Suppliers and entered the purchase into QuickBooks. The transaction journal for Pepper Consulting would show the following entry:
Debit: Sales
Credit: computers
Debit: PYO Credit Payable
Credit: Computers
Debit: Computers
Credit: PYO Credit Payable
Debit: Computers
Credit: Sales