1. Is Accounts Receivable an example of a Asset, Liability, Debit or Credit? 2. Are Dividends...
1. Is Accounts Receivable an example of a Asset, Liability, Debit or Credit? 2. Are Dividends an example of a Asset Account, Liability Account, Equity Account, or Debit Account? 3. Are Notes Payable an example of a Equity Account, Debit Account, Asset Account or Liability Account? 4. True or False: An increase in the Cash balance for a business is entered as a debit to the account. 5. True or False: An increase to the Revenue account of a business is entered as a debit to the account. 6. True or False: When a business makes a sale to a customer, both the balance of Revenue and Cash must increase.
Homework Answers
| 1) | Account receivable-Asset | |||
| 2) | Dividends-Debit account | |||
| 3) | Notes payable-Liability | |||
| 4) | TRUE | |||
| 5) | FALSE | |||
| 6) | TRUE | |||
Add Answer to:
1. Is Accounts Receivable an example of a Asset, Liability,
Debit or Credit? 2. Are Dividends...
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies...
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies 4. Prepaid insurance 5. Equipment 6. Accounts payable 7. Deferred (Unearned) service revenue 8. Notes payable 9. Common stock 10. Consulting revenue 11. Salaries expense 12. lease expense
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders'...
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders' equity account; (b) the normal balance of the account; (c) whether a debit will increase or decrease the account; and (d) whether a credit will increase or decrease the account. (a) (c) (d) (b) Normal Balance Basic Type Debit Effect Credit Effect 1. Accounts Payable Accounts Receivable Liability 2. Asset 3. Cash Asset < 4. Common Shares Shareholders' Equity V 5. Deferred Revenue Liability...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Instruction 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balanc...
Instruction 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balanc 'A' for asset, 'L' for liability, or 'E' for equity D' for debit, or 'C' for credit Account Cash Type Asset Liability Asset Equity Equity Equity Equity Equity Liability Equity Asset Asset Asset Asset Asset Liability Liability Equity Equity Asset Asset Normal Balance Debit Example 1. Accounts Payable 2. Accounts Receivable 3. Common Stock 4. Room Sales Revenue 5. Rent Expense 6. Rent Revenue...
Consider the following accounts and identify each account as an asset (A), liability (L), or equity...
Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). a. Notes Receivable А b. Nunez, Captial c. Prepaid Insurance d. Notes Payable e. Rent Revenue For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). a. Increase to Accounts Receivable b. Decrease to Unearned Revenue c. Decrease to Cash y d. Increase to Interest Expense e. Increase to Salaries Payable s
For each of the following (1) identify the type of account as an asset, liability, equity,...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) 48 Account a. Prepaid Insurance b. Accounts Receivable c. Dividends d. License Fee Revenue e. Uneamed Revenue 1. Fees Eamed 9. Equipment h Notes...
1. For each of the following (1) identify the type of account as an asset, liability,...
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C....
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for each account. a. Cash b. Dividends c. Office Equipment d. Accounts Payable e. Utilities Expense f. Common Stock g. Prepaid Insurance h. Service Revenues
2. State the rules of debit and credit as applied to (a) asset accounts, (b) liability...
2. State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts and (c) the stockholders’ equity accounts (revenue, expenses, dividends, common stock and retained earnings).
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies 4. Prepaid insurance 5. Equipment 6. Accounts payable 7. Deferred (Unearned) service revenue 8. Notes payable 9. Common stock 10. Consulting revenue 11. Salaries expense 12. lease expense
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders' equity account; (b) the normal balance of the account; (c) whether a debit will increase or decrease the account; and (d) whether a credit will increase or decrease the account. (a) (c) (d) (b) Normal Balance Basic Type Debit Effect Credit Effect 1. Accounts Payable Accounts Receivable Liability 2. Asset 3. Cash Asset < 4. Common Shares Shareholders' Equity V 5. Deferred Revenue Liability...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Instruction 1. Identify the type of accounts (i.e., asset, liability, or equity), and its normal balanc 'A' for asset, 'L' for liability, or 'E' for equity D' for debit, or 'C' for credit Account Cash Type Asset Liability Asset Equity Equity Equity Equity Equity Liability Equity Asset Asset Asset Asset Asset Liability Liability Equity Equity Asset Asset Normal Balance Debit Example 1. Accounts Payable 2. Accounts Receivable 3. Common Stock 4. Room Sales Revenue 5. Rent Expense 6. Rent Revenue...
Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). a. Notes Receivable А b. Nunez, Captial c. Prepaid Insurance d. Notes Payable e. Rent Revenue For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). a. Increase to Accounts Receivable b. Decrease to Unearned Revenue c. Decrease to Cash y d. Increase to Interest Expense e. Increase to Salaries Payable s
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) 48 Account a. Prepaid Insurance b. Accounts Receivable c. Dividends d. License Fee Revenue e. Uneamed Revenue 1. Fees Eamed 9. Equipment h Notes...
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
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