Identify Whether a Debit or Credit Would Be Correct for Each

question 116

Short Answer

Identify whether a debit or credit would be correct for each of the following account changes.Use a Dr.(debit)or Cr.(credit)in the space provided.
________ 1.Increase Delivery Van
________ 2.Increase Accounts Receivable
________ 3.Increase Accounts Payable
________ 4.Increase Salaries Expense
________ 5.Increase Service Fees Earned
________ 6.Decrease Cash
________ 7.Increase S.McCrae,Capital
________ 8.Increase S.McCrae,Withdrawals
________ 9.Increase Rent Expense
________ 10.Increase Equipment

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Definitions:

Unit Selling Price

The cost for which customers can purchase an individual unit of a product.

Unit Variable Costs

Unit variable costs are the costs that vary directly with the production volume, including costs for materials and labor that change with the level of production or service provision.

Operating Income

Revenue obtained from the main operations of a business, not including the costs of interest and taxes.

Variable Costs

Expenditures that fluctuate in direct relation to production or sales volumes, such as labor costs and materials used.