College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 3, Problem 3MC
LO3 Liability, owner’s equity, and revenue accounts normally have
- (a) debit balances.
- (b) large balances.
- (c) negative balances.
- (d) credit balances.
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Students have asked these similar questions
When liability, capital, and revenue accounts increase, there will be a _____________.
a.
Neither Debit nor credit
b.
Credit.
c.
debit and credit.
d.
debit.
Which of the following statements would be consideredtrue regarding debits and credits?a. In any given transaction, the total dollar amount of the debitsand the total dollar amount of the credits must be equal.b. Debits decrease certain accounts and credits decreasecertain accounts.c. Liabilities and stockholders’ equity accounts usually end incredit balances, while assets usually end in debit balances.d. All of the above.
A credit is not the normal balance for which account listed below?
Select one:
a. Owner’s Drawings account
b. Revenue account
c. Capital account
d. Liability account
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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- FE2a) An unpaid bill results in a debit to a liability and a credit to an expenseb) An unpaid bill results in a credit to a liability and a credit to an expensec) An unpaid bill results in a debit to expense and a credit to liabilityd) An unpaid bill results in a debit to expense and a credit to cash which statement is correctarrow_forward1. Which of the following is not a financial instrument? a. accounts receivable b. accrued utilities payable c. cash d. advances to suppliers 2. Which of the following is not a financial asset? a. investment in bonds b. investment in held for trading securities c. prepaid income tax d. interest receivable 3. Which of the following is a financial liability? a. income tax payable b. unearned revenue c. warranty obligation d. lease liabilityarrow_forwardStatement 1: In case there is a credit balance in a customer's account, such amount shall not affect the total balance of the accounts receivable to be presented in the asset section of the statement of financial position.Statement 2: A credit balance in a customer's account is caused by overcollection of amounts receivable from customers which will result to a liability to be presented in the noncurrent section of statement of financial position.Which statement(s) is(are) correct?arrow_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_forwardWhich of these accounts is a liability? A. Accounts Receivable B. Supplies C. Salaries Expense D. Accounts Payablearrow_forwardWhich set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earningsarrow_forward
- Consider 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_forward29 When a liability is paid, which account should be credited? A, Cash B.Accounts payable C. Expense D. Accounts receivablearrow_forwardWhich of the following normally has a net credit balance? A. Asset accounts such as cash, accounts receivable, inventory, and equipment B. Expenses that decrease retained earnings C. Dividends that decrease retained earnings D. Revenues that increase retained earningsarrow_forward
- 4. What account will not be found in the financial statements of acompany using accrual basis of accounting? A. accrued expenseB. prepaid expenseC. depreciation expensesD. bad debts expenseE. answer not givenarrow_forwardWhich of the following is true about accounts payable? 1. Accounts payable should not be reported at their present value. 2. When accounts payable is recorded at the net amount, a Purchase Discounts account will be used. 3. When accounts payable is recorded at the gross amount, a Purchase Discounts Lost account will be used. a. 1 b. 2 c. 3 d. Both 2 & 3 are truearrow_forward16 - Which of the following is the account where the increases are recorded to the receivable side and the decreases to the debit side?A) Asset AccountsB) Passive AccountsC) Accounts ReceivableD) Expense AccountsE) Passive regulating accountsarrow_forward
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