FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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Textbook Question
Chapter 3, Problem 3.4BE
For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance.
- (a) Accounts Payable.
- (b) Advertising Expense.
- (c) Service Revenue.
- (d) Accounts Receivable.
- (e)
Retained Earnings . - (f) Dividends.
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For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance.
Accounts payable.
Advertising expense.
Service revenue.
Accounts receivable.
Retained earnings.
dividends
For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance.
Debit Effect
Credit Effect
Normal Balance
Accounts Payable.
(a)
Advertising Expense.
(b)
Service Revenue.
(c)
Accounts Receivable.
(d)
Retained Earnings.
(e)
(f)
Dividends.
For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance.
Accounts payable.
Advertising expense.
Service revenue.
Accounts receivable.
Retained earnings.
Debit Effect
Credit Effect
Normal Balance
(a)
Accounts Payable
(b)
Advertising Expense
(c)
Service Revenue
(d)
Accounts Receivable
(e)
Retained Earnings
(f)
Dividends
Chapter 3 Solutions
FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
Ch. 3 - Prob. 1QCh. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9QCh. 3 - What is the normal balance for each of these...
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - (a) When entering a transaction in the journal,...Ch. 3 - (a) Should accounting transaction debits and...Ch. 3 - Journalize these accounting transactions. (a)...Ch. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21QCh. 3 - Prob. 22QCh. 3 - Prob. 3.1BECh. 3 - For each of the following accounts, indicate the...Ch. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Prob. 3.9BECh. 3 - Tilton Corporation has the following transactions...Ch. 3 - Prob. 3.11BECh. 3 - Selected transactions for Montes Company are...Ch. 3 - Prob. 3.1DIECh. 3 - Prob. 3.2DIECh. 3 - Prob. 3.3DIECh. 3 - Prob. 3.4DIECh. 3 - Prob. 3.1ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.23ECh. 3 - Prob. 3.1APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.11APCh. 3 - Prob. 3.2EYCTCh. 3 - Prob. 3.3EYCTCh. 3 - Prob. 3.4EYCTCh. 3 - Prob. 3.7EYCTCh. 3 - Prob. 3.8EYCTCh. 3 - Prob. 3.9EYCTCh. 3 - Prob. 3.11EYCTCh. 3 - Prob. 3.1IFRS
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- In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)arrow_forwardConsider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payablearrow_forwardWhich of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stockarrow_forward
- What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesarrow_forwardWill an accounts receivable balance increase with a debit or a credit entry? How do you know?arrow_forwardFor the following accounts indicate whether the normal balance is a debit or a credit. A. Unearned Revenue B. Interest Expense C. Rent Expense D. Rent Revenue E. Accounts Payable F. Cash G. Supplies H. Accounts Payable I. Equipment J. Utilities Expensearrow_forward
- Which of the following accounts is increased by a debit? A. Common Stock B. Accounts Payable C. Supplies D. Service Revenuearrow_forwardThe matching principle in accounting requires the matching of debits and credits.arrow_forwardNormal Account Balances Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.arrow_forward
- Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payablearrow_forwardExplain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forwardConsider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned Revenuearrow_forward
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