COLLEGE ACCT.,CHAP.1-27-ACCESS >CUSTOM<
22nd Edition
ISBN: 9781337253499
Author: HEINTZ
Publisher: Cengage Learning
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Chapter 3, Problem 2SEA
DEBIT AND CREDIT ANALYSIS Complete the following statements using either “debit” or “credit”:
- (a) The cash account is increased with a __________.
- (b) The owner’s 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 owner’s drawing account is increased with a __________.
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COMPLETION STATEMENTS
1.Notes and accounts receivable that result from sales transactions are often called______________ receivables.
2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable.
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8.The _________________ basis of…
Chapter 3 Solutions
COLLEGE ACCT.,CHAP.1-27-ACCESS >CUSTOM<
Ch. 3 - LO3 To debit an account is to enter an amount on...Ch. 3 - Liability accounts normally have debit balances.Ch. 3 - LO3 Increases in owners equity are entered as...Ch. 3 - Prob. 4TFCh. 3 - LO3 To credit an account is to enter an amount on...Ch. 3 - LO3 A debit to an asset account will decrease it.Ch. 3 - A common example of an asset is (a) Professional...Ch. 3 - The accounting equation may be expressed as (a)...Ch. 3 - LO3 Liability, owners equity, and revenue accounts...Ch. 3 - LO4 To record the payment of rent expense, an...
Ch. 3 - Prob. 5MCCh. 3 - Foot and balance the accounts receivable T account...Ch. 3 - LO3 Complete the following questions using either...Ch. 3 - Analyze the following transaction using the T...Ch. 3 - The following accounts have normal balances....Ch. 3 - What are the three major parts of a T account?Ch. 3 - Prob. 2RQCh. 3 - What is a footing?Ch. 3 - What is the relationship between the revenue and...Ch. 3 - What is the function of the trial balance?Ch. 3 - Prob. 1SEACh. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Richard Gibbs began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp started a business...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp starred a business...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - FOOT AND BALANCE A T ACCOUNT Foot and balance the...Ch. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Roberto Alvarez began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Sue Jantz started a...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - Craig Fisher started a lawn service called Craigs...Ch. 3 - Your friend Chris Stevick started a part-time...
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- Will an accounts receivable balance increase with a debit or a credit entry? How do you know?arrow_forwardComplete the following table by indicating for (a) through (g) whether the proper answer is debit or credit:arrow_forwardFrom the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flowsarrow_forward
- What types of accounts are increased with a debit?arrow_forwardWhen posting the column totals of a cash payments journal, a debit should be posted to a.Unearned Revenue b.Sales Discounts c.Accounts Payable d.Casharrow_forwardWhich item will appear on the credit side of ledger account? Select one: a. Rent expense b. Purchases c. Sales d. Cash receivedarrow_forward
- Which of the following transactions will be recorded in cash payment journal? a. Receipt of income b. Purchase of goods on credit c. Sale of goods for cash d. Payment of monthly expensesarrow_forwardA credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c. Cash. d. Service Revenue.arrow_forwardAll transactions entered in this window result in a debit to the Accounts Receivable account. a. Invoice b. Undeposited Funds c. Accounts Payable d. Casharrow_forward
- Which of the following entries records the receipt of cash from clients on account? a.Accounts Receivable, debit; Fees Earned, credit b.Cash, debit; Accounts Receivable, credit c.Accounts Receivable, debit; Cash, credit d.Accounts Payable, debit; Fees Earned, creditarrow_forwardThis is a bank account used to deposit and withdraw money using the bank branch, using an ATM or Internet banking or by writing a cheque. a. Savings Account b. Time Deposit c. Credit Account d. Current / Checking Account It refers to the amount of money paid out an account. a. Opening and closing balance b. Account holder c. Credit transaction d. Debit transaction This is aimed at those who have a lump sum which they want to invest over a set period of time The money is deposited into the account and left there until the agreed upon date. a. Credit Account b. Savings Account c. Debit Account d. Time Deposit It is the amount of money in the account at the beginning and at the end of the period. a. Credit transaction b. Opening and closing balance C. Account holder d. Debit transactionarrow_forwardWhich of the following transactions would be recorded if using the accrual basis ofaccounting but not if using the cash basis of accounting?a. Borrowing moneyb. Paying off loansc. Purchasing inventory on accountd. Collecting customer paymentsarrow_forward
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