Homework Answers
| Increase | Decrease | |
| Assets | Debit | credit |
| Liabilities | credit | Debit |
| Common stock | credit | Debit |
| Retained earnings | credit | Debit |
| Revenue | Credit | Debit |
| Expenses | Debit | credit |
| Dividends | Debit | credit |
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following: How do you increase and decrease the following accounts using debits and credits? INCREASE DECREASE...
In terms of debits and credits, which types of accounts will have the same (debit or...
In terms of debits and credits, which types of accounts will have the same (debit or credit) normal balance? a.Expenses, liabilities, and capital stock b.Assets, capital stock, and revenues c.Dividends, expenses, and assets d.Retained earnings, dividends, and liabilities
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed...
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed the debits. C)first transaction entered was a credit. D)last transaction entered was a credit. 10. Which of the following is incorrect as to category, normal balance, financial statement, to increase, to decrease A)Cash - asset, debit, balance sheet, credit, debit B)Accounts Payable - liabilities, debit, balance sheet, credit, debit C)Common Stock - shareholders equity, debit, balance sheet, credit, debit D)Service Revenue - revenue, credit,...
ahhh...debits and credits, easily one of the hardest concepts for beginning accounting students to get a...
ahhh...debits and credits, easily one of the hardest concepts for beginning accounting students to get a handle on. Now for the good news, by the time you finish this course you will be doing debits and credits in your sleep. (OK, put down the phone. Don't drop the class. I promise this will in no way effect your sleeping patterns:-) Please, please, please watch the chapter 2 overview video for a discussion of debits and credits before responding to this...
Which of the following statements is correct regarding the effect of debits and credits in accounts?...
Which of the following statements is correct regarding the effect of debits and credits in accounts? Assets are on the left side of the accounting equation, so to increase them, you would credit them. O Expenses reduce equity, so to increase an expense account you would debit it. O Owner Investments cause Owner, Capital to increase, so to increase the capital account, you would debit it. O Revenues increase equity, so to increase a revenue account, you would debit it.
Your study partner is having trouble getting total debits to equal total credits in the trial...
Your study partner is having trouble getting total debits to equal total credits in the trial balance. Credit $ 2,000 ki, 300 Trial Balance Accounts Debit Cash $ 7,100 Accounts Receivable Equipment 10,200 Accounts Payable 3,700 Deferred Revenue Common Stock 12,000 Retained Earnings Dividends 800 Service Revenue Salaries Expense 3,000 Utilities Expense Total $36,800 2,500 4,300 700 $10,800 Prepare a corrected trial balance by placing each account balance in the correct debit or credit column. Trial Balance Debit Credit Accounts...
any one know how to do this? Question 2 of 4 -/1 View Policies Current Attempt...
any one know how to do this?
Question 2 of 4 -/1 View Policies Current Attempt in Progress This information relates to Cheyenne Real Estate Agency Stockholders invest $31,770 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,720. Buys office furniture for $3,740, on account Sells a house and lot for E.C. Roads: commissions due from Roads, $10,430 (not paid by Roads at this time). Receives cash of $185 as commission...
For each of the following, fill in the blank with either Increase or Decrease 1 2...
For each of the following, fill in the blank with either Increase or Decrease 1 2 4 A debit Acredit A debit A credit A debit A credit to Accounts Payable to Prepaid Expenses to Retained Earnings to Utilities Expense to Dividends to Accounts Receivable would decrease the account. would decrease the account. would increase the account. would increase the account. would increase the account. would decrease the account. 6 * computer or Using the normal balances for Gus Company...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the account. Group of answer choices Assets Dividends Capital Contributions Revenues Contra Assets Losses Expenses Liabilities Contra Revenues Retained Earnings Gains 2. Choose all the accounts below that would be DECREASED by a CREDIT entry to the account. Group of answer choices Retained Earnings Assets Equity Expenses Dividends Contra Assets Losses Liabilities 3. Choose all the accounts below that would be DECREASED by a DEBIT...
The first two pictures are the questions. The following pictures are the choices for column (a),...
The first two pictures are the questions. The following
pictures are the choices for column (a), debits, and
credit.
Brief Exercise 2-5 Concord Corporation has the following transactions during August of the current year. Indicate (a) the effect on the assets, liabilities, stockholders' equtity, revenue, or expenses and (b) the debit-credit analysis. Aug. 1 4 Opens an office as a financial advisor, investing $5,600 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,900 cash....
Debits Credits > Credits by: Debits by: Cash Accounts receivable Inventory Prepaid expenses Long-term loans to...
Debits Credits > Credits by: Debits by: Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 110,000 $65,00e 8,000 30,000 80,000 220,000 5,000 32,000 9,000 16,000 170,000 50,000 $606,000 $606,000 The following additional information is available about last year's activities: a. Net income for the year was $?- b. The company sold equipment during the year for $15,000. The...
Which of the following statements is correct regarding the effect of debits and credits in accounts? Assets are on the left side of the accounting equation, so to increase them, you would credit them. O Expenses reduce equity, so to increase an expense account you would debit it. O Owner Investments cause Owner, Capital to increase, so to increase the capital account, you would debit it. O Revenues increase equity, so to increase a revenue account, you would debit it.
Your study partner is having trouble getting total debits to equal total credits in the trial balance. Credit $ 2,000 ki, 300 Trial Balance Accounts Debit Cash $ 7,100 Accounts Receivable Equipment 10,200 Accounts Payable 3,700 Deferred Revenue Common Stock 12,000 Retained Earnings Dividends 800 Service Revenue Salaries Expense 3,000 Utilities Expense Total $36,800 2,500 4,300 700 $10,800 Prepare a corrected trial balance by placing each account balance in the correct debit or credit column. Trial Balance Debit Credit Accounts...
any one know how to do this?
Question 2 of 4 -/1 View Policies Current Attempt in Progress This information relates to Cheyenne Real Estate Agency Stockholders invest $31,770 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,720. Buys office furniture for $3,740, on account Sells a house and lot for E.C. Roads: commissions due from Roads, $10,430 (not paid by Roads at this time). Receives cash of $185 as commission...
For each of the following, fill in the blank with either Increase or Decrease 1 2 4 A debit Acredit A debit A credit A debit A credit to Accounts Payable to Prepaid Expenses to Retained Earnings to Utilities Expense to Dividends to Accounts Receivable would decrease the account. would decrease the account. would increase the account. would increase the account. would increase the account. would decrease the account. 6 * computer or Using the normal balances for Gus Company...
The first two pictures are the questions. The following
pictures are the choices for column (a), debits, and
credit.
Brief Exercise 2-5 Concord Corporation has the following transactions during August of the current year. Indicate (a) the effect on the assets, liabilities, stockholders' equtity, revenue, or expenses and (b) the debit-credit analysis. Aug. 1 4 Opens an office as a financial advisor, investing $5,600 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,900 cash....
Debits Credits > Credits by: Debits by: Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 110,000 $65,00e 8,000 30,000 80,000 220,000 5,000 32,000 9,000 16,000 170,000 50,000 $606,000 $606,000 The following additional information is available about last year's activities: a. Net income for the year was $?- b. The company sold equipment during the year for $15,000. The...
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