if you could explain the entries through
debit/credits
Homework Answers
| ASSETS | liabilities | Stockholders Equity | |||||||||||
| Cash | A/R | prepaid | inventory | Accounts | bank loan | ||||||||
| rent | payable | Dividend | Revenue | Expense | net income | ||||||||
| 1-Dec | 12,000 | 12,000 | |||||||||||
| 1-Dec | -6000 | 6000 | |||||||||||
| 5-Dec | 6,000 | 6,000 | |||||||||||
| 10-Dec | 1,000 | 8,500 | 9,500 | 9,500 | Sales | ||||||||
| -2,000 | -2000 | -2000 | Cost of goods sold | ||||||||||
| 23-Dec | 1,000 | -1,000 | |||||||||||
| 30-Dec | -500 | -500 | |||||||||||
| 31-Dec | -2000 | -2000 | -2000 | Rent expense | |||||||||
| total | 7,500 | 7500 | 4000 | 4000 | 6000 | 12,000 | -500 | 9500 | -4000 | 5500 | |||
| Answers | |||||||||||||
| Account receivable | 7,500 | ||||||||||||
| prepaid rent | 4,000 | ||||||||||||
| total assets | 23,000 | ||||||||||||
| Total liabilities | 18,000 | ||||||||||||
| Net income | 5,500 | ||||||||||||
| Retained earnings | (5500-500) | 5,000 | |||||||||||
| Equity | 5,000 | ||||||||||||
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if you could explain the entries through
debit/credits
Use the following information to answer the following...
15-4 Debits and Credits Study Appendix 15B. Determine for the following transactions whether the account named...
15-4 Debits and Credits Study Appendix 15B. Determine for the following transactions whether the account named in parentheses is to be debited or credited: 1. Sold merchandise (Merchandise Inventory), $1,000 2. Received cash from customers on accounts due (Accounts Receivable), $2,450 3. Paid rent in advance (Prepaid Expenses), $1,250 4. Borrowed money from First National Bank (Notes Payable), $12,000 5. Paid dividends (Cash), $800 6. Delivered merchandise to customers (Merchandise Inventory), $3,500 7. Paid O'Brien Associates $3,000 owed them (Accounts...
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