a) Explain the use of a trial balance. b) Define debit and credit and explain how...
a) Explain the use of a trial balance.
b) Define debit and credit and explain how they are used for each type of account. Give examples. Also explain the "normal balance" of each type of account.
c) Define assets, liabilities, equity, revenue, expenses. Identify and explain each of the formal financial statements.
Homework Answers
Answer-a-Trial balance is used to check the arithmetic accuracy of accounts. Its checked wheter all account balances has done property. All debits are equal to all credits.
b-Debit is the left side of an account and credit is right side of an account. There are three types of accounts in which debits and credits used:-1- Under real account- Debit what comes in and credit what goes out. 2-Under Personal account -Debit the receiver and Credit the giver. 3- Under Nominal account- Debit all Expenses and losses and Credit all incomes and gains.
Normal balance is the difference of an account if its credit side is greater than debit side than it has credit balance and if debit side exceeds than it has debit balance.
C-Aseets-Assets are the properties of an owner.
Liabilities-liabilities are the amount owed by business
Equity- Equity is the owners capital
Revenue- Income earned by business.
Expenses-The amount paid to generate revenue.
Add Answer to:
a) Explain the use of a trial balance.
b) Define debit and credit and explain how...
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C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
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Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800...
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b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and...
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Define Asset, Liabilities and Equity and give two examples of each of these account types. ...
Define Asset, Liabilities and Equity and give two examples of each of these account types. 2. Define Normal Balance, list the 6 types of accounts mentioned in class (AEDLRC), and list the normal balance for each of those 6. 3. Create a sample T Account with several debit and credit amounts and then calculate the balance of the account and explain the balancing process.
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For each of the accounts listed, identify a. the side (debit or credit) of the account...
For each of the accounts listed, identify a. the side (debit or credit) of the account that makes it increase; b. the normal balance of the account on the trial balance, and c. on what financial statement it appears. a. b. c. Account Name Increases with Debit or Credit? Normal balance on a trial balance Debit or Credit? Appears in which Financial Statement? 1. Cash ...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
Which of the statements of the rules of debit and credit is true? O A. Increase...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit) 8,500 12 500 Asser Balance Sheet Dehir a) Accounts Payable b) Accounts Receivable c) Beginning Balance Retained Earnings d) Cash c) Common Stock f) Dividends g) Equipment h) Land i) Notes Payable j) Prepaid Rent k) Salaries Expense 1) Service Revenue m) Supplies n) Supplies Expense o) Utilities Expense 16,500 25,000 12.000 45,000 32,000 12.000 1.200 Expense Income Statement Debir 50,000 125,000 1.800 4,000...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). = Liabilities Assets Equity Contributed Capital Retained Earnings Common = Liabilities Assets (d) Dividends Stock Revenues Expenses c) Fill in the normal balance of the account Account type Asset Expenses Dividends Liabilities Normal Balance Debit Revenues Common Stock d) Determining the balance in the following T-account Cash 25,000 1,000 2,000 3,000
B2-NORMAL BALANCE (9 points) Fill in the normal balance for each type of account. Credit Debit Type of Account Assets Liabilities Contra-asset Share capital Retained earnings Dividends Revenues Expenses Gain R2
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
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