For each of the following accounts, indicate the (a) effect of a debit or credit on...
For each of the following accounts, indicate the (a) effect of a
debit or credit on the account, (b) normal balance, and (c)
appropriate statement classification (income statement, statement
of changes in equity, and/or statement of financial position). Note
that there may be more than one statement classification in some
cases.
| (a) | (b) | (c) | ||||||||
| Debit Effect | Credit Effect | Normal Balance | Statement Classification | |||||||
| 1. | Bank loan payable |
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| 2. | Property tax expense |
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| 3. | Fees earned |
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| 4. | Cash |
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| 5. | Unearned revenue |
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| 6. | Buildings |
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| 7. | Dividends Declared |
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| 8. | Common shares |
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| 9. | Prepaid rent |
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| 10. | Retained earnings |
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Increase or DecreaseHomework Answers
Solution:
| S. No. | Account | (a) | (b) | ( c) | |
| Debit effect | Credit effect | Normal Balance | Statement Classification | ||
| 1 | Bank Loan Payable | Decrease | Increase | Credit | Statement of financial position |
| 2 | Property tax expense | Increase | Decrease | Debit | Income statement |
| 3 | Fees earned | Decrease | Increase | Credit | Income statement |
| 4 | Cash | Increase | Decrease | Debit | Statement of financial position |
| 5 | Unearned revenue | Decrease | Increase | Credit | Statement of financial position |
| 6 | Buildings | Increase | Decrease | Debit | Statement of financial position |
| 7 | Dividends declared | Increase | Decrease | Debit | Statement of changes in equity |
| 8 | Common shares | Decrease | Increase | Credit | Statement of changes in equity/Statement of financial position |
| 9 | Prepaid rent | Increase | Decrease | Debit | Statement of financial position |
| 10 | Retained earnings | Decrease | Increase | Credit | Statement of changes in equity/Statement of financial position |
Add Answer to:
For each of the following accounts, indicate the (a) effect of a
debit or credit on...
For each of the following accounts, indicate the (a) effect of a debit or credit on...
For each of the following accounts, indicate the (a) effect of a debit or credit on the account, (b) normal balance, and (c) appropriate statement classification (income statement, statement of changes in equity, and/or statement of financial position). Note that there may be more than one statement classification in some cases. (a) (b) (c) Statement Classification Debit Effect Credit Effect Normal Balance 1. Bank loan payable 2. Property tax expense 3. Fees earned 4. Cash 5. Unearned revenue 6. Buildings...
For each of the following accounts, indicate the effect of a debit or credit on the...
For each of the following accounts, indicate the effect of a debit or credit on the account and the normal balance. Debit Effect Credit Effect Normal Balance a. Bonds Payable. 7 V b. Unearned Service Revenue. < V c. Depreciation Expense. < > v d. Common Stock. V < < e. Buildings. < > < f. Rent Revenue. > C
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For each of the below accounts, identify the following: (a) the type of account (assets, liabilities,...
For each of the below accounts, identify the
following:
(a)
the type of account (assets, liabilities, shareholders’ equity
[specify common shares, dividends, revenues, or expenses)];
(b)
the normal balance of the account; and
(c)
on which financial statement (income statement, statement of
changes in equity, statement of financial position) Saputo would
likely report the account.
Account
(a)
Type of account
(b)
Normal Balance
(c)
Financial Statement
Bank loans payable
Buildings
Cash
Depreciation expense
Dividends declared
...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
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Indicate whether a debit or credit decreases the normal balance of each of the following accounts....
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For each of the following accounts, indicate the (a) effect of a debit or credit on the account, (b) normal balance, and (c) appropriate statement classification (income statement, statement of changes in equity, and/or statement of financial position). Note that there may be more than one statement classification in some cases. (a) (b) (c) Statement Classification Debit Effect Credit Effect Normal Balance 1. Bank loan payable 2. Property tax expense 3. Fees earned 4. Cash 5. Unearned revenue 6. Buildings...
For each of the following accounts, indicate the effect of a debit or credit on the account and the normal balance. Debit Effect Credit Effect Normal Balance a. Bonds Payable. 7 V b. Unearned Service Revenue. < V c. Depreciation Expense. < > v d. Common Stock. V < < e. Buildings. < > < f. Rent Revenue. > C
Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. Cash b. Accounts Receivable c. Note Receivable Prepaid Insurance Prepaid Rent Service Fees Earned Prepaid Parking Supplies Interest Revenue Store Equipment k Office Supplies Salaries Payable
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For each of the below accounts, identify the
following:
(a)
the type of account (assets, liabilities, shareholders’ equity
[specify common shares, dividends, revenues, or expenses)];
(b)
the normal balance of the account; and
(c)
on which financial statement (income statement, statement of
changes in equity, statement of financial position) Saputo would
likely report the account.
Account
(a)
Type of account
(b)
Normal Balance
(c)
Financial Statement
Bank loans payable
Buildings
Cash
Depreciation expense
Dividends declared
...
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...
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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
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