Homework Answers
Solution to the 1st Question
The true statement regarding the rules of debt and credit is “Increase account payable with a credit and the normal balance is a credit”
Solution to the 2nd Question
The “LIABILITIES” account would not report on the income statement.
Solution to the 3rd Question
The ending balance in the Equipment = Opening balance + Additional equipment purchased
= $4,000 Debit + $1,000 Debit
= $5,000 Debit
Solution to the 4th Question
A credit to an asset account was posted as a credit to the Revenue account. This error would cause the “Revenue to be overstated”
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Which of the statements of the rules of debit and credit is true? O A. Increase...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
A purchase of a vehicle on credit would have what effect on the accounting equation? O...
A purchase of a vehicle on credit would have what effect on the accounting equation? O A. Total Owner's Equity is overstated. O B. Total Liabilities are overstated O C. Total Assets and total Liabilities increase O D. Both A and B are correct. Click to select your answer. 1T ype here to search Items owned by the business such as land, supplies, and equipment are: O A. Assets. O B. Expenses O C. Liabilities. O D. Owner's Equity Click...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to describe the journal entry necessary to increase and decrease the account shown to the left, and indicate which side of the account represents its normal balance. Normal Balance Increase Decrease Cash . Accounts payable A Common Stock Retained earnings Fee revenue . - - Wage expense
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
Which of the statements of the rules of debit and credit is true? A.Decrease Accounts Receivable...
Which of the statements of the rules of debit and credit is true? A.Decrease Accounts Receivable with a credit and the normal balance is a credit. B.Increase Accounts Payable with a credit and the normal balance is a credit. C.Decrease Cash with a debit and the normal balance is a debit. D.Increase Revenue with a debit and the normal balance is a debit.
Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate...
Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset Debit Liability Debit Credit Stockholders' equity: Common Stock Retained Earnings Dividends Credit Debit Credit Income statement accounts: Revenue Credit Expense Credit Debit
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and...
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
Calculator Rules of Debit and Credit The following table summarizes the rules of debit and credit....
Calculator Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset Credit Liability Credit Stockholdersequity: Common Stock Credit Retained Earnings Credit Credit Dividends Debit Credit Income statement accounts: Revenue Credit Expense Credit Debit
In the three columns, enter debit or credit to describe the journal entry necessary to increase...
In
the three columns, enter debit or credit to describe the journal
entry necessary to increase and decrease the account shown to the
left, and indicate which side of the account represents its normal
balance.
Increase Decrease Normal Balance Cash Accounts payable Common Stock Retained earnings Fee revenue Wage expense Debit Credit
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
A purchase of a vehicle on credit would have what effect on the accounting equation? O A. Total Owner's Equity is overstated. O B. Total Liabilities are overstated O C. Total Assets and total Liabilities increase O D. Both A and B are correct. Click to select your answer. 1T ype here to search Items owned by the business such as land, supplies, and equipment are: O A. Assets. O B. Expenses O C. Liabilities. O D. Owner's Equity Click...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to describe the journal entry necessary to increase and decrease the account shown to the left, and indicate which side of the account represents its normal balance. Normal Balance Increase Decrease Cash . Accounts payable A Common Stock Retained earnings Fee revenue . - - Wage expense
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset Debit Liability Debit Credit Stockholders' equity: Common Stock Retained Earnings Dividends Credit Debit Credit Income statement accounts: Revenue Credit Expense Credit Debit
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
Calculator Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset Credit Liability Credit Stockholdersequity: Common Stock Credit Retained Earnings Credit Credit Dividends Debit Credit Income statement accounts: Revenue Credit Expense Credit Debit
In
the three columns, enter debit or credit to describe the journal
entry necessary to increase and decrease the account shown to the
left, and indicate which side of the account represents its normal
balance.
Increase Decrease Normal Balance Cash Accounts payable Common Stock Retained earnings Fee revenue Wage expense Debit Credit
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