MCA TEST (with correct solutions)

A check deposited to the bank for payment of an agent's bill (from the market center) is a _____ to "Accounts Receivable- Agents" correct answers Credit (CR) Recording depreciation affects the accounts below. Please select the appropriate debit(DR) and credit(CR) correct answers (DR) Depreciation Expense (CR) Accumulated Depreciation Accumulated Interest correct answers goes up annually until you sell it When the proceeds from a loan are received, the entry to "notes payable" is a __________. correct answers Credit (CR) A check deposited to the bank for payment of an agent's bill (from the market center) is a _____ to "cash- operating account" correct answers Debit (DR) Items were returned to the vendor. The vendor them issued a credit memo for $55 prior to the invoice being paid. The entry should be recorded as __________ correct answers (DR) Accounts Payable 55 (CR) Supplies 55 Which of the following would be a Debit (DR) on the balance sheet? correct answers Prepaid Expense - office lease Which of the following would be a (CR) on the balance sheet? correct answers Common Stock When you receive the payment from the agent for the $40 copier invoice the entry should be recorded as correct answers DR Cash- operating CR Accounts Receivable Which of the following are NOT on the Income Statement? correct answers Cash Notes Payable Which of the following would be a Debit (DR) on the Income Statement? correct answers Insurance Expense Which of the following would be a credit on the Income Statement? correct answers Other income- Rent A refund check issued to an agent for the amount he overpaid for his office rent is a ______ to "other income- rent" and a _______ to "cash- operating" account correct answers Debit Credit