Answer to Question #232694 in Economics for nat

Question

1.1 When expense and asset accounts are increased, the __________: (1)

A. expense account is debited and the asset account is credited.

B expense account is debited and the asset account is debited.

C expense account is credited and the asset account is debited.

D expense account is debited and the asset account is credited.

1.2 Which one of the following is not an example of a source document? (1)

A. Original credit sales invoice

B Original credit purchases invoice

C Duplicate receipt

D Bank statement

1.3 An unfavorable bank balance is an example of a/an ___________. (1)

A. expense

B current asset

C non-current liability

D current liability

Answer 1

1.1. B expense account is debited and the asset account is debited.

1.2. A. Original credit sales invoice

1.3. D current liability