Management > QUESTIONS & ANSWERS > Market Certified Associate 2.0 MCA Test with COMPLETE SOLUTIONS (All)
Market Certified Associate 2.0 MCA Test with COMPLETE SOLUTIONSA check deposited to the bank for payment of an agent's bill (from the market center) is a _____ to "Accounts Receivable- Agents" - ✔... ✔Credit (CR) Recording depreciation affects the accounts below. Please select the appropriate debit(DR) and credit(CR) - ✔✔(DR) Depreciation Expense (CR) Accumulated Depreciation Accumulated Interest - ✔✔goes up annually until you sell it When the proceeds from a loan are received, the entry to "notes payable" is a __________. - ✔✔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" - ✔✔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 __________ - ✔✔(DR) Accounts Payable 55 (CR) Supplies 55 Which of the following would be a Debit (DR) on the balance sheet? - ✔✔Prepaid Expense - office lease Which of the following would be a (CR) on the balance sheet? - ✔✔Common Stock When you receive the payment from the agent for the $40 copier invoice the entry should be recorded as - ✔✔DR Cash- operating CR Accounts Receivable [Show More]
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