Homework Answers
| Typical entries | Normal balance | ||
| 1. | Accounts payable | Debit and Credit | Credit |
| 2. | Cash | Debit and Credit | Debit |
| 3. | Dividend | Debit | Debit |
| 4. | Miscellaneous expense | Debit | Debit |
| 5. | Insurance expense | Debit | Debit |
| 6. | Fee earned | Credit | Credit |
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Rules of Debit and Credit and Normal Balances State for each account whether it is likely...
Obj. 2 BE 2-1 Rules of debit and credit and normal balances State for each account...
Obj. 2 BE 2-1 Rules of debit and credit and normal balances State for each account whether it is likely to have (a) debit entries only, (b) credit entries only or (c) both debit and credit entries. Also, indicate its normal balance. 1. Accounts Payable 2. Cash 3. Dividends 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned BE 2-2 Journal entry for asset purchase Prepare a journal entry for the purchase of office supplies on November 2 for $1,600,...
Indicate whether a debit or credit decreases the normal balance of each of the following accounts....
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
American Leaf Company Trial Balance August 31, 2018 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances...
American Leaf Company Trial Balance August 31, 2018 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash 316 316 752 Accounts Receivable 835 237 178 Supplies Prepaid Insurance 389 233 Land 556 556 856 856 171 279 515 515 Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends 0 22 1,317 1,317 500 500 164 164 1,640 1,557 Fees Earned 474 496 158 158 0 156 79 79 Wages Expense Rent Expense Insurance...
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
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
October 31, 2012 Unadjusted Adjusted Debit Credit Credit Balances Debit Balances Balances Balances Cash 16 16...
October 31, 2012 Unadjusted Adjusted Debit Credit Credit Balances Debit Balances Balances Balances Cash 16 16 38 44 12 10 Accounts Receivable Supplies Prepaid Insurance Land 20 8 26 26 40 40 8 12 26 26 0 2 20 20 Equipment Accumulated Depreciation-Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Insurance Expense "72 72 8 8 74 80 24 26 8 8 12 Ao Utilities Expense 4 4 0 4 Depreciation Expense...
The An accounting form that is used to record the increases and decreases in each financial...
The An accounting form that is used to record the increases and decreases in each financial statement item.accounts in the A group of accounts for a business.ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accounts have The normal balance of an account can be either a debit or a credit depending on whether increases in the account are recorded as debits or credits.normal balances. The balance of the cash account has...
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
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance...
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance a. Factory b. Fees Earned (Revenues) Credit c. Haircutting Revenue d. Accounts Payable e. Land f. Office Supplies g. Cash h. Insurance Expense i. Buildings
For the following accounts please indicate whether the normal balance is a debit or a credit....
For the following accounts please indicate whether the normal balance is a debit or a credit. Sales Dividends Office Supplies Retained Earnings Accounts Receivable Prepaid Rent Prepaid Insurance Wages Payable Building Wages Expense
Obj. 2 BE 2-1 Rules of debit and credit and normal balances State for each account whether it is likely to have (a) debit entries only, (b) credit entries only or (c) both debit and credit entries. Also, indicate its normal balance. 1. Accounts Payable 2. Cash 3. Dividends 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned BE 2-2 Journal entry for asset purchase Prepare a journal entry for the purchase of office supplies on November 2 for $1,600,...
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
American Leaf Company Trial Balance August 31, 2018 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash 316 316 752 Accounts Receivable 835 237 178 Supplies Prepaid Insurance 389 233 Land 556 556 856 856 171 279 515 515 Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends 0 22 1,317 1,317 500 500 164 164 1,640 1,557 Fees Earned 474 496 158 158 0 156 79 79 Wages Expense Rent Expense Insurance...
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
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
October 31, 2012 Unadjusted Adjusted Debit Credit Credit Balances Debit Balances Balances Balances Cash 16 16 38 44 12 10 Accounts Receivable Supplies Prepaid Insurance Land 20 8 26 26 40 40 8 12 26 26 0 2 20 20 Equipment Accumulated Depreciation-Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Insurance Expense "72 72 8 8 74 80 24 26 8 8 12 Ao Utilities Expense 4 4 0 4 Depreciation Expense...
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
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance a. Factory b. Fees Earned (Revenues) Credit c. Haircutting Revenue d. Accounts Payable e. Land f. Office Supplies g. Cash h. Insurance Expense i. Buildings
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