Homework Answers
| Increase | Decrease | Normal Balance | |
| Cash | Debit | Credit | Debit |
| Accounts Payable | Credit | Debit | Credit |
| Common Stock | Credit | Debit | Credit |
| Retained Earnings | Credit | Debit | Credit |
| Fee Revenue | Credit | Debit | Credit |
| Wage Expense | Debit | Credit | Debit |
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Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to...
In the three columns, enter debit or credit to describe the journal entry necessary to increase...
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.
Increase Decrease Normal Balance Cash Accounts payable Common Stock Retained earnings Fee revenue Wage expense Debit Credit
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
Which of the statements of the rules of debit and credit is true? O A. Increase...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
Which of the statements of the rules of debit and credit is true? A.Decrease Accounts Receivable...
Which of the statements of the rules of debit and credit is true? A.Decrease Accounts Receivable with a credit and the normal balance is a credit. B.Increase Accounts Payable with a credit and the normal balance is a credit. C.Decrease Cash with a debit and the normal balance is a debit. D.Increase Revenue with a debit and the normal balance is a debit.
Journal Entry Accounts Debit Credit Data Table - X Date (1) Jan 31 i Requirements 12,500...
Journal Entry Accounts Debit Credit Data Table - X Date (1) Jan 31 i Requirements 12,500 17,100 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Valley Haven's closing entries at January 31, 2018. 2. A T-account for Retained Earnings has been set up for you. Post to that account. Then calculate Valley Haven's net income for the year ended January 31, 2018. What is the ending balance of Retained Earnings?...
2. Indicate with a "D" for Debit and a "C" for Credit, each accounts normal balance...
2. Indicate with a "D" for Debit and a "C" for Credit, each accounts normal balance (hint: the side you increase the account on). Cash Unearned Revenue Common Stock Revenue Salary Expense Accounts Payable Equipment Accounts Receivable Building Depreciation Expense
Indicate whether the Debit or Credit is the correct answer for each of the following Decrease...
Indicate whether the Debit or Credit is the correct answer for each of the following Decrease in account receivable. Normal balance of Joe Smith, Capital Normal balance of rent expense Increase in service revenue Increase in Accounts Payable Increase in salary expense Increase in equipment
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...
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,...
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.
Increase Decrease Normal Balance Cash Accounts payable Common Stock Retained earnings Fee revenue Wage expense Debit Credit
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
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
Journal Entry Accounts Debit Credit Data Table - X Date (1) Jan 31 i Requirements 12,500 17,100 1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Valley Haven's closing entries at January 31, 2018. 2. A T-account for Retained Earnings has been set up for you. Post to that account. Then calculate Valley Haven's net income for the year ended January 31, 2018. What is the ending balance of Retained Earnings?...
2. Indicate with a "D" for Debit and a "C" for Credit, each accounts normal balance (hint: the side you increase the account on). Cash Unearned Revenue Common Stock Revenue Salary Expense Accounts Payable Equipment Accounts Receivable Building Depreciation 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,...
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