For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). a. Increase to Accounts Receivable b. Decrease to Unearned Revenue c. Decrease to Cash d. Increase to Interest Expense e. Increase to Salaries Payable DR CR
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All the asset and expense accounts are increased with a debit and decreased with a credit. On the other hand, all the liability, shareholders' equity, and revenue accounts are increased with credit and decreased with a debit.
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- Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.Brief Exercise 2-31 Debit and Credit Procedures Refer to the accounts listed below. Accounts Receivable Accounts Payable Cash Equipment Notes Payable Rent Expense Salaries Expense Service Revenue Required: For each of the accounts, indicate the normal balance of the account and the effect of a debit or a credit on the account.Test: Second Exam F17 This Question: 1 pt The entry to write off an account receivable under the allowance method will T A. increase total assets O B. increase net income C. reduce net income D. have no effect on net income Click to select your answer Search the web and Windows
- sub : Accounting pls aswer ASAP.dont CHATGPT. i ll upvote. Please type the answer. Thank You Payment Cash Payment Interest Decrease in Balance Outstanding Balance $87,867 1 $13,000 $0 $13,000 74,867 2 13,000 7,487 5,513 69,354 3 13,000 6,935 6,065 63,289 4 13,000 6,329 6,671 56,618 5 13,000 5,662 7,338 49,280 6 13,000 4,928 8,072 41,208 7 13,000 4,121 8,879 32,329 8 13,000 3,233 9,767 22,562 9 13,000 ? ? ? 10 13,000 ? ? 0 What amount would the lessee record as annual amortization on the right of use asset using the straight line method? A) $13,000 B) $7,487 C) $8,787 D) $8,851Parrish 2-7 Pg. 36For this T-account calculate to find the missing amounts.Assume the beginning and ending balances are on the normal side of the account. That being the side where the balance increases. Transactions listed as A, B, or C are not specificed 1) 2/1 Beginning balance $80000 Debit2) 2/15 Transaction A $20000 Debit3) 2/28 Transaction C $6000 Debit4) 2/10 Transaction B $10000 CreditNow find the Ending balance ?Problem #1: 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. Accounts Receivable2. Commissions Earned3. Notes Payable4. Patricia Mayer, Capital5. Rent Revenue6. Wages Expense In addition, explain what each of these categories means for the financial statements by explaining their impact
- Parrish 2-8 #2 Pg 32Complete this as a T-Account. Calculate the missing amount and write it in the space in the T-Account. Assume that the beginning and ending balances are on the normal side of the account, that, the side on which the balance increaes Taxes Payable On the left side of the T-Account1) 2/28 $ Unknown -Debit On right side of T-Account2) 2/1 Beginning balance $300003) 2/6 Transaction A $250004) Transaction B $3500MODULE 3 HOMEWORK -ADJUSTMENT ENTRIES Please review the following questions and select the correct answer. Please show me and tell me how you arrived at the correct answer clearly and thoroughly. Question 1: Interest on a loan at the bank is due as of November 1. We borrowed the $5000 three months ago at 6% annual interest. Answers: 1) No entry required 2) DR Interest Expense 5000 CR Interest Payable 5000 3) DR Interest Expense 75 CR Interest Payable 75 4) DR Interest Expense 75 CR Cash 75 Question 2: Company performed $1000 of services that the client paid for in advance. 1) DR Unearned Service Fee 1000 CR Service Fee Revenue 1000 2) DR Unearned Revenue 1000 CR Cash 1000 3) DR Cash 1000 CR Service Fee Revenue 1000 4) DR Service Fee Revenue 1000 CR Unearned Service Fee 1000 Question 3: To record depreciation on the company truck for one year. The…PARRISH 2-7 (T-ACCOUNTS) Please show and tell me how to find the missing amounts in this T-Account 1) Salary Expense Left Side of T-Account 2/1 Beginning Balance $80000 2/15 Transaction B $20000 2/28 Transaction C $6000 ENDING BALANCE ??? On Right Side of T-Account 2/10 Transaction B $10000
- Part A : Multiple Choice Questions The balance day adjustment for salaries accrued of $1,100 is: Dr salaries expense $1,100; Cr salaries payable $1,100. Dr salaries expense $1,000; Dr GST paid $100; Cr expense accrued $1,100. Dr expense accrued $1,100 Cr; salaries expense $1,100. Dr expense accrued $1,100; Cr salaries expense $1,000; Cr GST paid $100. Which of the following items decreases the balance in the accounts receivable? Cash paid to creditors Discounts received Credit sales Discounts allowed Which of the following statements is not true? Expense is the amount incurred or paid in earning the revenue and running the business. Expenses includes the cost of goods sold (that is, the cost of the goods or inventory that have been sold). The expense account should be credited when an expense is incurred. Wages, electricity and motor vehicle expenses are all examples of expenses. If inventory was purchased for $2 288 inclusive of GST, what would the GST…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 handMark with an “X” the box that indicates the normal balance and the correct presentation of the following accounts. The accounts are: (1) ASSETS (A) DR (B) CR (2) DEBTS (A) DR (B) CR (3) CAPITAL (A) DR (B) CR (4) INCOME EXPENSES (A) DR (B) CR Ex. Bonuses payable (2B) X 1 Bonus premium payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 2 Discount on document payable - short term (Discount on notes payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 3 Cost of guarantees (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 4 Gain on debt restructuring (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 5 Land that is received in exchange for the issuance of a long-term payable document (Long term notes payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 6 Guarantees payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 7 Contingent liability-litigation (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 8 Bonus for paying executives (bonus payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 9 Social security payable…
