To increase the balance of Notes Payable account - It needs to be Debited. True False

To increase the balance of Rent account - it needs to be Debited. True False

The adjusting entry to record accrued interest on a note payable requires a:Multiple Choicedebit to Interest Income and a credit to Notes Payable.debit to Interest Expense and a credit to Interest Payable.debit to Interest Expense and a credit to Cash.debit to Interest Payable and a credit to Interest Expense.

The Accounts Receivable account is increased by a debit. True False

To increase Accounts Payable - we credit it. True False

Which of the following might explain a debit balance on the payables’ ledger account of anindividual credit supplier?A The business took a settlement discount to which it was not entitled and paid less thanthe amount dueB The business mistakenly paid an invoice twiceC The book-keeper failed to enter a contra with the receivables ledgerD The book-keeper failed to post a cheque paid to the account