Homework Answers
Solution:
| S. no. | Account Name | Debit Effect | Credit Effect | Normal Balance |
| 1 | Accounts payable | Decrease | Increase | Credit |
| 2 | Advertising expense | Increase | Decrease | Debit |
| 3 | Service revenue | Decrease | Increase | Credit |
| 4 | Accounts receivables | Increase | Decrease | Debit |
| 5 | Common stock | Decrease | Increase | Credit |
| 6 | Dividends | Increase | Decrease | Debit |
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1.a)
b)
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2.a)
b)
3. a)
b)
Teyplus.com/courses/35390/assignments/3837441?module_item_id=12237372 Current Attempt in Progress Sheffield Corp. is authorized to issue 2,100,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions Jan. 15 Issued 755,000 shares of stock at $5 per share. Sept. 5 Purchased 26,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable...
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