FUND. ACCOUNTING PRINCIPLES >CUSTOM<
24th Edition
ISBN: 9781307417692
Author: Wild
Publisher: MCG/CREATE
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Chapter 2, Problem 7QS
Analyzing debit or credit by account A1
Identify whether a debit or credit results in the indicated change for each of the following accounts.
a. To increase Land
b. To decrease Cash
C. To increase Fees Earned (Revenues)
d. To increase Salaries Expense
e. To decrease Unearned Revenue
f. To decrease Prepaid Rent
g. To increase Notes Payable
h. To decrease Accounts Receivable
i. To increase Owner, Capital
j. To increase Store Equipment
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Chapter 2 Solutions
FUND. ACCOUNTING PRINCIPLES >CUSTOM<
Ch. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - What kinds of transactions can be recorded in a...Ch. 2 - Are debits or credits typically listed first in...Ch. 2 - Should a transaction be recorded first in a...Ch. 2 - If assets are valuable resources asset accounts...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Identify the four financial statements of a...
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identifying source documents C1 Identify the items...Ch. 2 - Identifying financial statement accounts C2...Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Identifying normal balance C4 Identify the normal...Ch. 2 - QS 2–5
Linking debit or credit with normal...Ch. 2 - Prob. 6QSCh. 2 - Analyzing debit or credit by account A1 Identify...Ch. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Preparing journal entries P1 Prepare general...Ch. 2 - Preparing an income statement P3 Liu Zhang...Ch. 2 - Preparing a statement of owner's equity P3 Use the...Ch. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Exercise 28 Preparing Taccounts (ledger) and a...Ch. 2 - Prob. 9ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Exercise 2-13 Entering transactions into...Ch. 2 - Exercise 2-14 Preparing general journal entries P1...Ch. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-22 Calculating and interpreting the...Ch. 2 - Exercise 2-23 Preparing journal entries P1 Prepare...Ch. 2 - Prob. 1APSACh. 2 - Prob. 2APSACh. 2 - Prob. 3APSACh. 2 - Prob. 4APSACh. 2 - Prob. 6APSACh. 2 - Prob. 7APSACh. 2 - Prob. 1BPSBCh. 2 - Prob. 2BPSBCh. 2 - Prob. 3BPSBCh. 2 - Prob. 4BPSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6BPSBCh. 2 - Problem 2-7B Preparing an income statement,...Ch. 2 - SP 2 On October 1, 2019, Santana Rey launched a...Ch. 2 - Using transactions from the following assignments...Ch. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Refer to Apple's financial statements in Appendix...Ch. 2 - Prob. 2AACh. 2 - Key comparative figures for Apple, Google, and...Ch. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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- M. Parish purchased supplies on credit. What is the impact on the accounting equation? a. Increase Supplies and decrease Cash. b. Increase Supplies Expense and increase Accounts Payable. c. Increase Supplies Expense and increase Accounts Receivable. d. Increase Supplies and increase Accounts Payable.arrow_forwardIndicate whether each account that follows has a normal debit or credit balance. A. Unearned Revenue B. Office Machines C. Prepaid Rent D. Cash E. Legal Fees Earned F. Salaries Payable G. Dividends H. Accounts Receivable I. Advertising Expense J. Retained Earningarrow_forwardDEBIT AND CREDIT ANALYSIS Complete the following statements using either debit or credit: (a) The cash account is increased with a __________. (b) The owners capital account is increased with a __________. (c) The delivery equipment account is increased with a __________. (d) The cash account is decreased with a __________. (e) The liability account Accounts Payable is increased with a __________. (f) The revenue account Delivery Fees is increased with a __________. (g) The asset account Accounts Receivable is increased with a __________. (h) The rent expense account is increased with a __________. (i) The owners drawing account is increased with a __________.arrow_forward
- Determine whether the balance in each of the following accounts increases with a debit or a credit. A. Cash B. Common Stock C. Equipment D. Accounts Payable E. Fees Earned F. Electricity Expensearrow_forwardCornerstone 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.arrow_forwardIndicate the net effect ( for increase; for decrease; 0 for no effect) of each of the following transactions on each part of the accounting equation, . For example, for payment of an accounts payable balance, . A. sale of merchandise to customer on account B. payment on note payable C. purchase of equipment for cash D. collection of accounts receivable E. purchase of supplies on accountarrow_forward
- State whether the balance in each of the following accounts increases with a debit or a credit. A. Office Supplies B. Retained Earnings C. Salaries Expense D. Accounts Receivable E. Service Revenuearrow_forwardFor the following accounts please indicate whether the normal balance is a debit or a credit. A. Sales B. Dividends C. Office Supplies D. Retained Earnings E. Accounts Receivable F. Prepaid Rent G. Prepaid Insurance H. Wages Payable I. Building J. Wages Expensearrow_forwardWhich of the following accounts does not increase with a debit entry? A. Retained Earnings B. Buildings C. Prepaid Rent D. Electricity Expensearrow_forward
- When fees are earned and the customer promises to pay later, which account is debited? (a) Cash (b) Accounts Receivable (c) Accounts Payable (d) Capitalarrow_forwardCornerstone Exercise 2-20 Transaction Analysis Four transactions are listed below. CORNERSTONE 2.2 Sold goods to customers on credit. Collected amounts due from customers. Purchased supplies on account. Used supplies in operations of the business. Required: Prepare three columns labeled assets, liabilities, and stockholders equity. For each of the transactions, indicate whether the transaction increased (+). decreased (-). or had no effect (NE) on Assets, liabilities, or stockholders equity.arrow_forwardWhich of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective productarrow_forward
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