Consider the following accounts:

Utilities Expense
Accounts Payable
Service Revenue
Common Stock

How many of these accounts are increased with debits?

Question

Consider the following accounts:

Utilities Expense
Accounts Payable
Service Revenue
Common Stock

How many of these accounts are increased with debits?

BlackTom AI · Accepted Answer

The question asks how many of the listed accounts are increased by debits.
First, examine each account type to know how debits affect them.
Option 1: Utilities Expense — as an expense (an expiration of assets or incurrence of costs), debits increase expenses. Therefore, Utilities Expense is increased by a debit.
Option 2: Accounts Payable — this is a liability. Debits decrease liabilities, not increase them, so a debit would reduce Accounts Payable rather than increase it.
Option 3: Service Revenue — this is a revenue account. Revenues increase with credits, not debits, so a debit would not increase Service Revenue.
Option 4: Common Stock — this is an equity account. Equity increases with credits and decreases with debits, so a debit would not increase Common Stock.
Putting it together, only Utilities Expense is increased by a debit, while the other three accounts are not. Thus, the number of accounts increased by debits is one.

Consider the following accounts: Utilities Expense Accounts Payable Service Revenue Common Stock How many of these accounts are increased with debits?单项选择题

类似问题

Regardless of the business activity recorded, the left side of an account is the debit side and the right side is the credit side.

The double-entry system of debits and credits means that:

Expense accounts are increased with credit entries.

What happens if a credit amount is entered in the A/R Adjustment Entry form?

You buy a Hotel and erect it on your Property, which accounts are debited and credited respectively

A debit may signify a(n)

True or false for the following statement : " Debit means an increase and Credit means a decrease ."

True or False? " In recording for the business transactions, debits mean an increase and credit means a decrease."

更多留学生实用工具

智能学习助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单