Homework Answers
Answers
| a | Common Stock account will be credited. | [Cash will be debited] |
| b | Notes Payable account will be credited. | [Cash will be debited] |
| c | Service Revenue account will be credited | [Accounts receivables will be debited] |
| d | Accounts Payable account will be credited. | [Inventory will be debited] |
| e | Accounts receivables account will be credited. | [Cash will be debited] |
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Debit and Credit Effects Indicate the account that will be credited for each of the following...
Debit and Credit Effects Indicate the account that will be debited for each of the following...
Debit and Credit Effects Indicate the account that will be debited for each of the following transactions: a. Issued common stock for cash b. Borrowed money from a bank c. Provided services on account d. Purchased inventory on account e. Collected cash from customers that owed a balance due
b. c. d. e. Borrowed money from a bank Provided services on account Purchased inventory on...
b. c. d. e. Borrowed money from a bank Provided services on account Purchased inventory on account Collected cash from customers that owed a balance due SE2-3. Debit and Credit Effects Indicate the account that will be credited for each of the following LO transactions: a. Issued common stock for cash b. Borrowed money from a bank c. Provided services on account d. Purchased inventory on account e. Collected cash from customers that owed a balance due SE2-4. Determine a...
For each of the following accounts, indicate the effects of a debit and a credit on...
For each of the following accounts, indicate the effects of a debit and a credit on the accounts and the normal balance of the account. Debit Effect Credit Effect Normal Balance 1. Accounts Payable 2. Advertising Expense 3. Service Revenue 4. Accounts Receivable 5. Owner's Capital 6. Owner's Drawings Click If you would like to Show Work for this question: Open Show Work June 1 Transactions for the Oleg Thorn Company for the month of June are presented below. Oleg...
Determining Financial Statement Effects of several transactions - M2-9 For each of the following transactions of...
Determining Financial Statement Effects of several transactions - M2-9 For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) (Sample) Borrowed $3940 from a local bank on a note due in six months. Received $4630 cash from investors and issued common stock to them. Purchased $1,000 in equipment, paying...
For each of the following transactions of Spotlighter, Inc. for the month of January, Indicate the...
For each of the following transactions of Spotlighter, Inc. for the month of January, Indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided (Enter any decreases to account balances with a minus sign) a (Sample Borrowed $5.940 from a local bank on a note due in six months. Received $6,630 cash from investors and issued common stock to them. c Purchased $3.000 in equipment paying $1,200 cash and promising the rest on...
CP 2-4 Required: Record the debit and credit in the appropriate account for each of the...
CP 2-4 Required: Record the debit and credit in the appropriate account for each of the following transactions (transaction 1 is done for you): Debit Cash Credit Common Stock 1. Issued common stock for cash 2. Purchased equipment on credit 3. Paid for a one-year insurance policy 4. Billed a customer for repairs completed today 5. Paid this month's rent 6. Collected the amount billed in transaction 4 above 7. Collected cash for repairs completed today 8. Paid for the...
CP 2-4 Required: Record the debit and credit in the appropriate account for each of the...
CP 2-4 Required: Record the debit and credit in the appropriate account for each of the following transactions (transaction 1 is done for you): Debit Credit Common Stock 1. Issued common stock for cash Cash 2. Purchased equipment on credit 3. Paid for a one-year insurance policy 4. Billed a customer for repairs completed today 5. Paid this month's rent 6. Collected the amount billed in transaction 4 above 7. Collected cash for repairs completed today 8. Paid for the...
LO2, 4 E2-11A. Transaction Analysis Match each of the following transactions of L. Boyd & Company...
LO2, 4 E2-11A. Transaction Analysis Match each of the following transactions of L. Boyd & Company with the ap- propriate letters, indicating the debits and credits to be made. The key for the letters follows the list of transactions. The correct answer for Transaction 1 is given as an illustration: Chapter 2 Processing Accounting Information 91 Answer 1. Stockholders contributed cash to the business. a,f Purchased equipment Received and immediately paid advertising bill. 2. on account. 3. 4. Purchased supplies...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $4,640 from a local bank on a note due in six months. b. Received $5,330 cash from investors and issued common stock to them. C. Purchased $1,700 in equipment, paying $550 cash and promising the rest...
Determine which accounts increase and/or decrease for each of the transactions. 1B-6. (Similar to problem 1B-2)...
Determine which accounts increase and/or decrease for each of
the transactions.
1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased APRIL borrowed $8,000 from the bank on a note. a. b. APRIL purchased a desk and two chairs for $1,500 cash. C. APRIL purchased supplies on account for $700. d....
Debit and Credit Effects Indicate the account that will be debited for each of the following transactions: a. Issued common stock for cash b. Borrowed money from a bank c. Provided services on account d. Purchased inventory on account e. Collected cash from customers that owed a balance due
b. c. d. e. Borrowed money from a bank Provided services on account Purchased inventory on account Collected cash from customers that owed a balance due SE2-3. Debit and Credit Effects Indicate the account that will be credited for each of the following LO transactions: a. Issued common stock for cash b. Borrowed money from a bank c. Provided services on account d. Purchased inventory on account e. Collected cash from customers that owed a balance due SE2-4. Determine a...
For each of the following accounts, indicate the effects of a debit and a credit on the accounts and the normal balance of the account. Debit Effect Credit Effect Normal Balance 1. Accounts Payable 2. Advertising Expense 3. Service Revenue 4. Accounts Receivable 5. Owner's Capital 6. Owner's Drawings Click If you would like to Show Work for this question: Open Show Work June 1 Transactions for the Oleg Thorn Company for the month of June are presented below. Oleg...
For each of the following transactions of Spotlighter, Inc. for the month of January, Indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided (Enter any decreases to account balances with a minus sign) a (Sample Borrowed $5.940 from a local bank on a note due in six months. Received $6,630 cash from investors and issued common stock to them. c Purchased $3.000 in equipment paying $1,200 cash and promising the rest on...
CP 2-4 Required: Record the debit and credit in the appropriate account for each of the following transactions (transaction 1 is done for you): Debit Cash Credit Common Stock 1. Issued common stock for cash 2. Purchased equipment on credit 3. Paid for a one-year insurance policy 4. Billed a customer for repairs completed today 5. Paid this month's rent 6. Collected the amount billed in transaction 4 above 7. Collected cash for repairs completed today 8. Paid for the...
CP 2-4 Required: Record the debit and credit in the appropriate account for each of the following transactions (transaction 1 is done for you): Debit Credit Common Stock 1. Issued common stock for cash Cash 2. Purchased equipment on credit 3. Paid for a one-year insurance policy 4. Billed a customer for repairs completed today 5. Paid this month's rent 6. Collected the amount billed in transaction 4 above 7. Collected cash for repairs completed today 8. Paid for the...
LO2, 4 E2-11A. Transaction Analysis Match each of the following transactions of L. Boyd & Company with the ap- propriate letters, indicating the debits and credits to be made. The key for the letters follows the list of transactions. The correct answer for Transaction 1 is given as an illustration: Chapter 2 Processing Accounting Information 91 Answer 1. Stockholders contributed cash to the business. a,f Purchased equipment Received and immediately paid advertising bill. 2. on account. 3. 4. Purchased supplies...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $4,640 from a local bank on a note due in six months. b. Received $5,330 cash from investors and issued common stock to them. C. Purchased $1,700 in equipment, paying $550 cash and promising the rest...
Determine which accounts increase and/or decrease for each of
the transactions.
1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased APRIL borrowed $8,000 from the bank on a note. a. b. APRIL purchased a desk and two chairs for $1,500 cash. C. APRIL purchased supplies on account for $700. d....
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