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12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). Assets Li
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Answer #1

Answer 12.

Assets = Liabilities + Common Stock - Dividends + Revenues - Expenses
DR CR DR CR DR CR DR CR DR CR DR CR
Inc. Dec. Dec. Inc. Dec. Inc. Inc. Dec. Dec. Inc. Inc. Dec.

Answer 13.

Account type Normal Balance
Asset Debit
Expenses Debit
Dividends Debit
Liabilities Credit
Revenues Credit
Common Stock Credit

Answer 4.

No. Date Journal Debit Credit
A April 1 Cash 15,000
Common Stock 15,000
(To record issue of common stock)
B April 8 Supplies 1,800
Accounts Payable 1,800
(To record purchase of supplies)
C April 20 Accounts Receivable 950
Service Revenue 950
(To record billed for service revenue)
D April 25 Salaries Expense 2,000
Cash 2,000
(To record payment made to employees)
E April Dividends 500
Cash 500
(To record dividends paid to shareholders)
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