Homework Answers
Dividends Accounts has Debit Balance and Classification is Stockholders Equity
when company declares dividend it will became its common stock.
it will credited to accounts dividend payable and debit either Retaining Earnings or cash dividend declared
Cash dividend declared is temporary accounts so thats debit balance will be closed to the retaing earnings accounts before the end of the accounting year
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(TCO E) Which of the following describes the normal balance and classification of the dividends account?...
Which statement is incorrect? O Dividends are shown on the income statement. The Dividends account has...
Which statement is incorrect? O Dividends are shown on the income statement. The Dividends account has a normal debit balance. O Dividends represent a distribution by a corporation to its stockholders. Dividends reduce stockholders' equity, thus the Dividends account increases on the left side.
11. The classification and normal balance of the accounts payable account is an asset with a...
11. The classification and normal balance of the accounts payable account is an asset with a credit balance a liability with a credit balance owner's equity with a credit balance revenue with a credit balance 12. A credit balance in which of the following accounts would indicate a likely error? a. Fees Earned b. Salary Expense c. Janet James, Capital d. Accounts Payable 13. The process of initially recording a business transaction is called ...
1 2 3 4 5 8 Increase Side Decrease Side Account Account Classification Account's Normal Balance...
1 2 3 4 5 8 Increase Side Decrease Side Account Account Classification Account's Normal Balance Debit Credit Debit Credit Debit Credit Prepaid Insurance O Sales O Supplies O Accounts Receivable-Tom Dayton O O Advertising Expense O O O Cash O Barbara Casey, Drawing O O O O O O O Barbara Casey, Capital O O O Accounts Payable-Emmer Supplies O O O O
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit)...
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit) 8,500 12 500 Asser Balance Sheet Dehir a) Accounts Payable b) Accounts Receivable c) Beginning Balance Retained Earnings d) Cash c) Common Stock f) Dividends g) Equipment h) Land i) Notes Payable j) Prepaid Rent k) Salaries Expense 1) Service Revenue m) Supplies n) Supplies Expense o) Utilities Expense 16,500 25,000 12.000 45,000 32,000 12.000 1.200 Expense Income Statement Debir 50,000 125,000 1.800 4,000...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for each account. a. Cash b. Dividends c. Office Equipment d. Accounts Payable e. Utilities Expense f. Common Stock g. Prepaid Insurance h. Service Revenues
The normal balance in an asset account is a debit. It's also the normal balance for...
The normal balance in an asset account is a debit. It's also the normal balance for an expense account. The normal balance for a liability and owner's equity accounts is a credit. Credit is the normal balance for revenues as well. This seems odd. Assets (economic resources) & expenses (outflows incurred to generate revenues) have the same normal balance and so do liabilities (amounts owed or creditor claims)and revenues (increases in equity from business transactions). It seems contradictory. Why is...
Build a T-account for each account title. Label the DR (debit), CR (credit), NB (normal balance),...
Build a T-account for each account title. Label the DR (debit), CR (credit), NB (normal balance), and "+" or "-". Debit Credit Normal Balance Long-term Investments Common Stock Dividends + - - + - Det Credit Normal Balance Normal Balance Credit Pension Expense Legal Fees Payable Service Revenue + - +
Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable...
Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable is a debit. o The normal balance of dividends is a debit o The normal balance of unearned revenues is a credit. o The normal balance of an expense account is a credit. o The normal balance of the common stock account is a credit
Indicate whether each of the following accounts would be reported on the balance sheet or income...
Indicate whether each of the following accounts would be reported on the balance sheet or income statement of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets, noncurrent assets, current liabilities, noncurrent liabilities, or stockholders' equity. If the account is reported on the income statement, indicate whether it would be classified as revenue or expense. Finally, for each account, indicate whether the company's accounting records would normally...
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed...
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed the debits. C)first transaction entered was a credit. D)last transaction entered was a credit. 10. Which of the following is incorrect as to category, normal balance, financial statement, to increase, to decrease A)Cash - asset, debit, balance sheet, credit, debit B)Accounts Payable - liabilities, debit, balance sheet, credit, debit C)Common Stock - shareholders equity, debit, balance sheet, credit, debit D)Service Revenue - revenue, credit,...
Which statement is incorrect? O Dividends are shown on the income statement. The Dividends account has a normal debit balance. O Dividends represent a distribution by a corporation to its stockholders. Dividends reduce stockholders' equity, thus the Dividends account increases on the left side.
1 2 3 4 5 8 Increase Side Decrease Side Account Account Classification Account's Normal Balance Debit Credit Debit Credit Debit Credit Prepaid Insurance O Sales O Supplies O Accounts Receivable-Tom Dayton O O Advertising Expense O O O Cash O Barbara Casey, Drawing O O O O O O O Barbara Casey, Capital O O O Accounts Payable-Emmer Supplies O O O O
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit) 8,500 12 500 Asser Balance Sheet Dehir a) Accounts Payable b) Accounts Receivable c) Beginning Balance Retained Earnings d) Cash c) Common Stock f) Dividends g) Equipment h) Land i) Notes Payable j) Prepaid Rent k) Salaries Expense 1) Service Revenue m) Supplies n) Supplies Expense o) Utilities Expense 16,500 25,000 12.000 45,000 32,000 12.000 1.200 Expense Income Statement Debir 50,000 125,000 1.800 4,000...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for each account. a. Cash b. Dividends c. Office Equipment d. Accounts Payable e. Utilities Expense f. Common Stock g. Prepaid Insurance h. Service Revenues
The normal balance in an asset account is a debit. It's also the normal balance for an expense account. The normal balance for a liability and owner's equity accounts is a credit. Credit is the normal balance for revenues as well. This seems odd. Assets (economic resources) & expenses (outflows incurred to generate revenues) have the same normal balance and so do liabilities (amounts owed or creditor claims)and revenues (increases in equity from business transactions). It seems contradictory. Why is...
Build a T-account for each account title. Label the DR (debit), CR (credit), NB (normal balance), and "+" or "-". Debit Credit Normal Balance Long-term Investments Common Stock Dividends + - - + - Det Credit Normal Balance Normal Balance Credit Pension Expense Legal Fees Payable Service Revenue + - +
Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable is a debit. o The normal balance of dividends is a debit o The normal balance of unearned revenues is a credit. o The normal balance of an expense account is a credit. o The normal balance of the common stock account is a credit
Indicate whether each of the following accounts would be reported on the balance sheet or income statement of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets, noncurrent assets, current liabilities, noncurrent liabilities, or stockholders' equity. If the account is reported on the income statement, indicate whether it would be classified as revenue or expense. Finally, for each account, indicate whether the company's accounting records would normally...
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