Question
Asked Feb 4, 2020
44 views

can somebody explain what goes on the account line, and whether or not i should debit or credit the items.

Thank you

om tier tot rieen ni T8 c bing nagmo0 eonsuen erT
Account
DB
CR
Revenve
bexo
2,500
2500
8.
The Insurance Company was paid $1,000 in interest on a bond payable.
rleno
A
Debit/ Credit
Effect on Account
Account
Assot
AsseL
Cash
decrease
increase
decrease
Interest Revenue
increase
sonsiueni er
CR
000,0082 1o epaphorm s no loot gmo
Account
iber) Vide(
inuogA no jostE
enibliua
eldsys9 ogsphoM
OEBG1oeb
61
©201
ALOSO
help_outline

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om tier tot rieen ni T8 c bing nagmo0 eonsuen erT Account DB CR Revenve bexo 2,500 2500 8. The Insurance Company was paid $1,000 in interest on a bond payable. rleno A Debit/ Credit Effect on Account Account Assot AsseL Cash decrease increase decrease Interest Revenue increase sonsiueni er CR 000,0082 1o epaphorm s no loot gmo Account iber) Vide( inuogA no jostE enibliua eldsys9 ogsphoM OEBG1oeb 61 ©201 ALOSO

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Expert Answer

Step 1

Golden Rules of Accounting:

  1. Personal Account – Debit the Receiver

                                         Credit the Giver.

  1. Real Account - Debit what Comes in.

                                 Credit what goes out.

  1. Nominal Account – Debit all Expenses and losses.

                                         Credit all Income and gains.

Step 2

Following are the effect:

Accounting homework question answer, step 2, image 1

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