When making an adjusting entry. Say the amount is $1,500The accounts used are Wages Expense and Wages Payable. Both of these are liabilites, is that correct? So they should both be credit accounts. However according to my text book. Wages Expense is a Debit Account and Wages Payable is a Credit Account. WHY is that? Please explain in detail. Thanks!

Would you please remind me how the debits and credits system works? Why do the assets get debit increased and the liabilities and owner’s equity get debit decreased? I know the parts must balance and clear each other out, but reviewing my notes from a previous class, I’m having a hard time getting a perspective on the principle of the T-balance.

2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00

Please do not give image format and solve all entries

(b) To record estimated liability. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Period 1 Account Titles and Explanation Period 2 Account Titles and Explanation Save for Later Debit Debit Credit Credit Attempts: 0 of 1 used Submit Answer

I need help with the items in red. I am trying to complete my adjusting entries sheet.

Describe 2 accrual transactions and 2 deferral transactions. For the accrual transactions, please use credit or debit sales and credit purchase. For the deferral transactions, please use prepaid insurance and prepaid telephone charges. Note: This can be made up amounts, just as long as they make sense. This is for an Electrotechnology Sales and Repairs business. Please include the dates that the transactions occurred. Please see below, as I have included an example of what the end product should look like. Please include an explanation as to what was done.    Accruals: 1. On March 30, 2021 Ortiz LLC provided accounting reservices for Beker Law firm and sent them a bill for $5,000. Payment has not been received to this day. 2. Store supplies of $200 are on hand. The supplies account shows a $1,900 balance. Deferrals: 1. On April 1, 2021. ORTIZ LLC paid $12,000 for a one-year insurance Policy.  2. On February 1, 2021 . ORTIZ LLC received $20,000 for accounting services for 1 year.

Hi I asked this question previously and the individual did not explain things clearly. For instance he provided the I'm guessing standard method of finding a missing amount on a certain type of T-Account but then would turn around and solve it using a different method. I am posting the response that were not clear below. If you could tell me what the actual method is and if there exceptions and if so what those are.Answer #1 I needed the BEGINNING balance of a debit account. As you can see the response below the individual provided a formula that included the BB which is UNKOWN because that is WHAT I NEED. At the bottom they change around the equation to come to the answer. So what is the proper way???Part-1. Begining balance of cash account is missing. The cash account is having a debit balance always. The formula for Cash account is as under:Ending balance of Cash Account = Begining Balance of cash account + All debits - All creditsHere,Ending Balance of cash = 9800All debits…

I need 1,2,3,4, and 6 answered without using excel please.

If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.