Homework Answers
Solution:
| Increase | Decrease | Normal Balance | |
| Balance sheet accounts: | |||
| Assets | Debit | Credit | Debit |
| Liabilities | Credit | Debit | Credit |
| Stockholders' Equity: | |||
| Common Stock | Credit | Debit | Credit |
| Retained earnings | Credit | Debit | Credit |
| Dividends | Debit | Credit | Debit |
| Income Statement accounts: | |||
| Revenue | Credit | Debit | Credit |
| Expense | Debit | Credit | Debit |
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Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate...
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
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to...
Nature of Accounts, Debit and Credit Rules 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. Normal Balance Increase Decrease Cash . Accounts payable A Common Stock Retained earnings Fee revenue . - - Wage expense
2. State the rules of debit and credit as applied to (a) asset accounts, (b) liability...
2. State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts and (c) the stockholders’ equity accounts (revenue, expenses, dividends, common stock and retained earnings).
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders'...
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders' equity account; (b) the normal balance of the account; (c) whether a debit will increase or decrease the account; and (d) whether a credit will increase or decrease the account. (a) (c) (d) (b) Normal Balance Basic Type Debit Effect Credit Effect 1. Accounts Payable Accounts Receivable Liability 2. Asset 3. Cash Asset < 4. Common Shares Shareholders' Equity V 5. Deferred Revenue Liability...
Identify whether a debit or credit results in the indicated change for each of the following...
Identify whether a debit or credit results in the indicated change for each of the following accounts. a. To increase Note Receivable b. To decrease Prepaid Rent c. To increase Delivery Expense d. To increase Haircutting Revenue e. To decrease Utilities Payable f. To decrease Prepaid Parking g. To increase Taxes Payable h. To decrease Furniture i. To increase Common Stock j. To increase Office Supplies Indicate the financial statement on which each of the following items appears. Use Ifor...
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (LO...
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (LO 2-1, LO 2-3, LO 2-4) Netflix, Inc., is the world's leading Internet subscription service for movies and TV shows. Required: 1.&2. The following are several of the accounts included in a recent balance sheet. Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability,...
For each of the following accounts, indicate the (a) effect of a debit or credit on...
For each of the following accounts, indicate the (a) effect of a debit or credit on the account, (b) normal balance, and (c) appropriate statement classification (income statement, statement of changes in equity, and/or statement of financial position). Note that there may be more than one statement classification in some cases. (a) (b) (c) Statement Classification Debit Effect Credit Effect Normal Balance 1. Bank loan payable 2. Property tax expense 3. Fees earned 4. Cash 5. Unearned revenue 6. Buildings...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
For each of the following accounts, indicate the (a) effect of a debit or credit on...
For each of the following accounts, indicate the (a) effect of a
debit or credit on the account, (b) normal balance, and (c)
appropriate statement classification (income statement, statement
of changes in equity, and/or statement of financial position). Note
that there may be more than one statement classification in some
cases.
(a)
(b)
(c)
Debit Effect
Credit Effect
Normal Balance
Statement Classification
1.
Bank loan payable
Increase or Decrease
Decrease or increase
Debit or Credit
Income statement ,Statement of changes...
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
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Nature of Accounts, Debit and Credit Rules 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. Normal Balance Increase Decrease Cash . Accounts payable A Common Stock Retained earnings Fee revenue . - - Wage expense
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders' equity account; (b) the normal balance of the account; (c) whether a debit will increase or decrease the account; and (d) whether a credit will increase or decrease the account. (a) (c) (d) (b) Normal Balance Basic Type Debit Effect Credit Effect 1. Accounts Payable Accounts Receivable Liability 2. Asset 3. Cash Asset < 4. Common Shares Shareholders' Equity V 5. Deferred Revenue Liability...
Identify whether a debit or credit results in the indicated change for each of the following accounts. a. To increase Note Receivable b. To decrease Prepaid Rent c. To increase Delivery Expense d. To increase Haircutting Revenue e. To decrease Utilities Payable f. To decrease Prepaid Parking g. To increase Taxes Payable h. To decrease Furniture i. To increase Common Stock j. To increase Office Supplies Indicate the financial statement on which each of the following items appears. Use Ifor...
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances (LO 2-1, LO 2-3, LO 2-4) Netflix, Inc., is the world's leading Internet subscription service for movies and TV shows. Required: 1.&2. The following are several of the accounts included in a recent balance sheet. Indicate how each account normally should be categorized on a classified balance sheet. Use CA for current asset, NCA for noncurrent asset, CL for current liability, NCL for noncurrent liability,...
For each of the following accounts, indicate the (a) effect of a debit or credit on the account, (b) normal balance, and (c) appropriate statement classification (income statement, statement of changes in equity, and/or statement of financial position). Note that there may be more than one statement classification in some cases. (a) (b) (c) Statement Classification Debit Effect Credit Effect Normal Balance 1. Bank loan payable 2. Property tax expense 3. Fees earned 4. Cash 5. Unearned revenue 6. Buildings...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
For each of the following accounts, indicate the (a) effect of a
debit or credit on the account, (b) normal balance, and (c)
appropriate statement classification (income statement, statement
of changes in equity, and/or statement of financial position). Note
that there may be more than one statement classification in some
cases.
(a)
(b)
(c)
Debit Effect
Credit Effect
Normal Balance
Statement Classification
1.
Bank loan payable
Increase or Decrease
Decrease or increase
Debit or Credit
Income statement ,Statement of changes...
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