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 revenue 

  • Debit: Assets, expenses, and capital

    Credit: Liabilities and revenue 

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

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