College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 3, Problem 2SEB
DEBIT AND CREDIT ANALYSIS Complete the following statements using either “debit” or “credit”:
- (a) The asset account Prepaid Insurance is increased with a ________.
- (b) The owner’s drawing account is increased with a ________.
- (c) The asset account Accounts Receivable is decreased with a ________.
- (d) The liability account Accounts Payable is decreased with a ________.
- (e) The owner’s capital account is increased with a ________.
- (f) The revenue account Professional Fees is increased with a ________.
- (g) The expense account Repair Expense is increased with a ________.
- (h) The asset account Cash is decreased with a ________.
- (i) The asset account Delivery Equipment is decreased with a ________.
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Chapter 3 Solutions
College Accounting, Chapters 1-27
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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- DEBIT 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_forwardWhich of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payablearrow_forwardDetermine 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_forward
- List the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side.arrow_forwardState 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_forwardIdentify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accumulated Depreciation B. Buildings C. Depreciation Expense D. Equipment E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies Expense I. Dividendsarrow_forward
- Label each of the following accounts as asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). a. Office Supplies b. Professional Fees c. Prepaid Insurance d. R. Baker, Drawing e. Accounts Payable f. Service Income g. R. Baker, Capital h. Rent Expense i. Accounts Receivable j. Wages Expensearrow_forwardIndicate whether each of the following accounts has a normal debit or credit balance. A. prepaid landscaping expense B. common stock C. delivery vans D. maintenance expense E. retained earnings F. office supplies G. revenue earned H. accounts payable I. unearned painting revenue J. interest payablearrow_forwardIdentify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenuearrow_forward
- Indicate on which financial statement the following accounts (from the adjusted trial balance) would appear: (A) Sales Revenue; (B) Unearned Rent Revenue; (C) Prepaid Advertising; (D) Advertising Expense; (E) Dividends; (F) Cash.arrow_forwardIdentify whether each of the following accounts is nominal/temporary or real/permanent. A. Accounts Receivable B. Fees Earned Revenue C. Utility Expense D. Prepaid Rentarrow_forwardCASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING Prepare the entry for each of the following transactions, using the (a) cash basis, (b) modified cash basis, and (c) accrual basis of accounting. 1. Purchase supplies on account. 2. Make payment on asset previously purchased. 3. Purchase supplies for cash. 4. Purchase insurance for cash. 5. Pay cash for wages. 6. Pay cash for phone expense. 7. Pay cash for new equipment. End-of-Period Adjusting Entries: 8. Wages earned but not paid. 9. Prepaid item purchased, partly used. 10. Depreciation on long-term assets.arrow_forward
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