Q2TI
Question
For each account, identify if the change would be recorded as a debit (DR) or credit (CR).
11. Increase to Cash 16. Increase to Interest Revenue
12. Decrease to Accounts Payable 17. Increase to Rent Expense
13. Increase to Common Stock 18. Decrease to Office Supplies
14. Increase to Unearned Revenue 19. Increase to Prepaid Rent
15. Decrease to Accounts Receivable 20. Increase to Notes Payable
Step-by-Step Solution
Verified Answer
Common stock represents the ownership of the company and transactions are identified as debit or credit.
1Step 1: Definition of Common Stock
The common stock is defined as the stocks or shares which represent the ownership of the company with voting rights.
2Step 2: Identification of recording the change
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Q1TI
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