maizy886
Dec 5, 2013, 11:41 AM
Yes/No Questions I am stuck on. Racking my brain trying to study and I can't figure these out. Any help is greatly appreciated!
Recording unearned income requires a credit to cash?
my answer, no. I think it would go under another account more specific to the unearned income like Unearned rent/ rent revenue
Do journal entries always have to contain both debits and credits?
my answer Yes, otherwise accounts are unbalanced
When recording income, a revenue account must always be credited?
my answer, yes. Confused on this one
When notes are collected, cash is debited for their maturity value?
my answer, no. They are debited for maturity value when it reaches maturity?
Please let me know if I am right or where I went wrong! Thank you!
Recording unearned income requires a credit to cash?
my answer, no. I think it would go under another account more specific to the unearned income like Unearned rent/ rent revenue
Do journal entries always have to contain both debits and credits?
my answer Yes, otherwise accounts are unbalanced
When recording income, a revenue account must always be credited?
my answer, yes. Confused on this one
When notes are collected, cash is debited for their maturity value?
my answer, no. They are debited for maturity value when it reaches maturity?
Please let me know if I am right or where I went wrong! Thank you!