Assignment 2-4 Worksheet (1)

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Problem #2 whetner increases and decreases in the accounts are represented by a debit or credit entry. For example: Complete the following table by stating the accounting element of each account, and Decrease Increase Debit Accounts Element Credit Supplies Asset g. Salaries Expense h. Office Equipment i. Fixtures and Fittings j. Interest Expense k. Loans Payable 1. Capital a. Service Revenues b. Withdrawal Utilities Expense d. Rent Expense C. e. Cash in Bank f. Trade Payables Accounts Element Increase Decrease a. Service Revenues b. Withdrawals Utilities Expense Rent Expense С. d. е. Cash in Bank f. Trade Payables g. Salaries Expense h. Office Equipment i. Fixtures and Fittings Interest Expense j. Loans Payable Capital k. 1.

Multiple choice: 1. The measure of how quickly an item can be converted into cash is referred to as A. Leverage B. Solvency C. Liquidity D. Profitablity 2. A customer bought goods from your business, on credit. The customer orally promised to pay the sale price next week. Which of the following accounts is increased and therefore debited? A. Cash B. Accounts Receivable C. Notes Receivable D. Sales

Guide Questions 1. What are the elements of an expanded accounting equation? 2. Can you still remember the different accounts in your chart of accounts? 3. Can you give example of transactions which results to an increase or decrease in an account? Rubric Activity Advanced Competent Developing Beginner

please help with this question

16   The Accounts Payable account:   Multiple Choice   has a normal credit balance.   is increased by a debit.   is an asset.   is increased when a company receives cash from customers.

Need help in a and b . THANKS

Which one of the followings is TRUE?   Select one: a. Account Effect of transaction Entry in account Assets Increase Credit Liability Increase Debit Capital Increase Credit b. Account Effect of transaction Entry in account Assets Increase Debit Liability Increase Debit Capital Increase Credit c. Account Effect of transaction Entry in account Assets Increase Debit Liability Increase Credit Capital Increase Credit d. Account Effect of transaction Entry in account Assets Decrease Debit Liability Increase Credit Capital Decrease Credit

action Analysis: Debit and Credit Rules Chap APPLY WHAT YOU HAVE LEARNED 2-1. Accounting equation. Use the following table to show the effects of transactions 1-10. Use+ or – and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation, a photocopying business. Assets Liabilities 1. 000 Equity t 5060 2. 5. 6. 7. 8. 9. 10. 1. Shareholders invested $5,000 cash to begin the business. 2. Copymaster bought a copying machine for $1,500 cash. 3. Copymaster sold copies to customers for $500 cash. 4. Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month. bloe 5. Copymaster paid employees $600. 6. Copymaster bought supplies for $300. 7. Copymaster paid rent of $700. 8. Copymaster paid utilities of $200. 9. Copymaster bought office furniture for $500. 10.…

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     Stockholders' equity:           Common Stock Credit         Retained Earnings     Credit     Dividends Debit Credit   Income statement accounts:         Revenue     Credit   Expense   Credit Debit

Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Assets Liabilities Stockholders' equity Revenues Expenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off

Multiple choice

T-ACCOUNT FORMULAS I need to know how to solve for missing amounts on T-Accounts. I know what T-Accounts are, so I do not necessarily need that explanation.  I need a mathematical type of equation formula.   For Ex: Beginning Balance=Ending Balance + Debits -Credits. I need to know the formulas for each instance. 1) Beginning Balance that is on the DR side 2) MIssing transaction amount on the DR side 3) Ending Balance on the DR side 4) Beginning Balance that is on the CR side 5) Missing transaction amount that is on the CR side 6) Ending Balance that is on the CR side.

Select the correct combination of similarity between accounting, finance and banking? i. Dealing with money ii. Having objective iii. End users use the services a.i and ii b.i, ii and iii c.Only iii d.i and iii Message @Ab_diii

Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why

GENERALIZATION 5. GE EXERCISES Explain briefly in 5 to 10 sentences only, Write your answers in your notebook. 1. What is accrual basis of accounting? How is it applied in terms of revenues and expenses? 6. 2. Differentiate accrual basis from cash basis accounting. 3. What is the matching principle? Cite an example to expound on this aspect. 4. Explain the periodicity concept. What are the most common forms of annual reporting periods?

Use the following T-account for Careful Corporation to answer questions 11 and 12:                        Accounts Receivable Beg. Bal.        $   187 18                                 150   6                                   64 15   19 End. Bal.       $       ?   The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 credit

Directions: Match the vocabulary definitions to the vocabulary words. Vocabulary Words 1. Credit score = 2. FICO = 3. Poor FICO credit score = 4. Exceptional FICO credit score = 5. Payment history scores = 6. Length of credit history= 7. New credit = 8. Total debt, balances, and utilization =     Vocabulary Definitions A. Total owed as well as how much available credit a person is using B. All new loans or accounts and all creditor credit report requests C. How long a person has had an account or loan D. Stands for Fair Isaac Corporation, a company that provides lenders with formulas to figure out credit scores E. Credit score that is below 580 F. A way for lenders to predict how likely a person is to pay back a loan on time G. Whether a person is paying bills on time and as agreed H. Credit score of 800 or more

Morgan had net sales of $1,041,105 and average accounts receivable of $157,000. Its competitor, Stanley, had net sales of $1,090,600 and average accounts receivable of $142,100. (a) Calculate the accounts receivable turnover for both companies. (b) Which company is doing a better job of managing its accounts receivables? Complete this question by entering your answers in the tabs below. Required A Required B Compute accounts receivable turnover for both companies. Morgan Stanley Choose Numerator: 1 1 1 Accounts Receivable Turnover Choose Denominator: = = Accounts Receivable Turnover Accounts receivable turnover times times

Quiz Module 1 Some of the following accounts may appear on more than one statement.  Would you please tell me what statement or statements they are on? 1) Net Income 2) End-of-period retained earnings balance 3) Net decrease in cash 4) End-of-period cash balance 5) Dividends payable 6) Retained Earnings 1/1 For the following could you please list the statment and if it is a real or nominal account? 1) Interest income 2) Bonds payable 3) Prepaid Insurance 4) Supplies on hand

Yup.2

Journal Entry assignment Key Bank: 1.No Journal entry required 2.Accounts payable 3.Accounts receivable 4.Additional paid-in-capital 5.Advertising expense 6.Cash 7.Commission expense 8.Common stock 9.Consulting expense 10.Cost of goods sold 11.Equipment 12.Fuel expense 13.Games revenue 14.Insurance expense 15.Interest expense 16.Interest revenue 17.Inventory 18.Land 19.Lift revenue 20.Miscellaneous expenses 21.Notes payable (long term) 22.Other assets and intangibles 23.Prepaid expenses 24.Rent expense 25.Rent revenue 26.Repairs expense 27.Retained earnings 28.Service Revenue 29.Short-Term note payable 30.Ski shop sales revenue 31.Supplies 32.Supplies expense 33.Unearned pass revenue 34.Utilities expense 35.Wages expense 36.Wages payable

Use the following to answer questions 10 – 13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)...see below. Only include the letter of the account not the account name. A. Accounts payable E. Dividends I. Rent expense M. Service revenue B. Accounts receivable F. Equipment J. Retained earnings N. Supplies C. Cash G. Notes payable K. Salaries expense O. Utilities expense D. Common stock H. Prepaid rent L. Salaries payable Account Debited Account Credited ex Purchase Office Supplies in exchange for cash 10. Received the utility bill, will pay next week. 11. Paid a deposit for rent for the next three months. 12. Recorded salaries for the week, will pay next week. 13. Provided services to customers on account.

Bedit Affect and Credit affect are both increase or decrease

Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete the table below for these accounts. The information for the first account has been entered as an example. Account Type of Account Normal Balance Increase Decrease Accounts Payable Liability Credit Credit Debit Accounts Receivable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 1 SelectCreditDebitItem 2 SelectCreditDebitItem 3 SelectCreditDebitItem 4 Accumulated Depreciation SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 5 SelectCreditDebitItem 6 SelectCreditDebitItem 7 SelectCreditDebitItem 8 Cash SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 9 SelectCreditDebitItem 10 SelectCreditDebitItem 11 SelectCreditDebitItem 12 Common Stock SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 13 SelectCreditDebitItem 14 SelectCreditDebitItem 15 SelectCreditDebitItem 16 Depreciation Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 17…

To increase Notes Payable a debit entry is needed. Question 3Select one: True False

Activity 1.1.2. Classify Me For you to advance your learning and understanding of the Statement of Financial Position, you have to gradually learn each of its elements and components. Classify the following accounts whether they are assets, liability, or equity accounts. For asset and liability accounts, classify whether they are current or non-current. ACCOUNTS ELEMENT CLASSIFICATION Ex. Accounts Payable Accounts Receivable Cash Interest Payable Acain, Capital Notes Payable Notes Receivable Prepaid Rent Property and Equipment Raw Materials Salaries Payable Supplies Utilities Payable Cash in Bank Finished Goods Accrued Interest Bonds Payable Prepaid Insurance Unearned Income Land Goods in Process Acain, Personal Furniture and Fixtures Accrued Salaries Income Tax Payable Intangible Assets Delivery Truck Liability Current Interest Receivable

Provide an explanation for the following transactions: Thanks!

Answer in all options with explanation. Don't use Ai and chatgpt.