LooseLeaf for College Accounting: A Contemporary Approach
4th Edition
ISBN: 9781259995057
Author: M. David Haddock Jr. Professor, John Ellis Price, Michael Farina
Publisher: McGraw-Hill Education
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Chapter 3, Problem 4E
1.
To determine
Fill in the blank by using word debit or credit.
2.
To determine
Fill in the blank by using word debit or credit.
3.
To determine
Fill in the blank by using word debit or credit.
4.
To determine
Fill in the blank by using word debit or credit.
5.
To determine
Fill in the blank by using word debit or credit.
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Analyze the statement given then choose if the effect on account will Increase or Decrease it. Afterwards, write your answer before the number.
Interest revenue that is entered in the credit side.
Prepaid expense that is entered in the debit side.
Interest payable that is entered in the debit side.
Salaries expense that is entered in the credit side.
Prepaid rent that is entered in the credit side.
Unearned revenue that is entered in the debit side.
Deferred revenue that is entered in the debit side.
Interest expense that is entered in the credit side.
Accrued liability that is entered in the debit side.
Accumulated depreciation that is entered in the credit side.
A credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c. Cash. d. Service Revenue.
“Credit card” (with an outstanding balance) would be which type of account?
a.Proprietary
b.Expense
c.Current asset
d.Current liability
e.Income
Chapter 3 Solutions
LooseLeaf for College Accounting: A Contemporary Approach
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
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- 1. What do you think of when you hear the word debit? What do you think of when you hear the word credit? 2. What does our textbook say about debits and credits? 3. How would you describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type? 4. Which account types are presented on the Balance Sheet? What about the Income Statement? 5. Our eBook describes how to calculate an account balance. Can you describe this process for the Cash account in your own words? How is this process different for a Liability or Owner’s Equity Account? 6. What does the term ‘normal balance’ mean?arrow_forwardWhich of the following is true regarding 'Credit Balance' in ledger account? a. All options are correct O b. Debit total equal to credit total O C. Excess of debit total over credit total O d. Excess of credit total over debit totalarrow_forwardConsider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.Required:For each transaction, indicate whether it would increase (I), decrease (D), or have no effect (NE) on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)arrow_forward
- An account is said to have a debit balance if? Select one: O a. There are more entries on the debit side than on the credit side O b. The total of credit is more than the total of the debits O c. The last entry of the accounting period was posted on the debit side O d. The total of debit is more than the total of the creditsarrow_forwardSelect all that apply Which of the following statements are true? Credit entries produce increases in some account balances and decreases in other account balances. Increases in account balances are always recorded with debit entries. Decreases in account balances are always recorded with debit entries. Debit entries produce increases in some account balances and decreases in other account balances. Need help? Review these concept resources. Read About the Concept-arrow_forwardThe balance of an account is determined by a.adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sum b.always subtracting the debits from the credits c.adding all of the debits to all of the credits d.always subtracting the credits from the debits The matching principle a.requires that the dollar amount of debits equal the dollar amount of credits on a trial balance b.states that the revenues and related expenses should be reported in the same period c.addresses the relationship between the journal and the balance sheet d.determines whether the normal balance of an account is a debit or credit Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether or not cash is paid b.when they are incurred and paid at the same time c.if they are paid before they are incurred d.if they are paid after they are incurredarrow_forward
- Which of the following accounts has a normal credit balance? a. Accounts Receivable b. Yura Wun, Capital X c. Supplies Expense d. Copyrightsarrow_forwardExcess of Debit side over Credit side is called? Select one: a. All of the above b. Debit Balance c. Liability Accounts d. Credit Balancearrow_forwardUse the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Assets Liabilities Stockholders' equity Revenues Expenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written offarrow_forward
- For each account, identify whether the normal balance is a debit or credit a.Notes Payable b.Dividends c.Service Revenue How do i figure this out?arrow_forwardAn account is said to have a debit balance if ? Select one: a. The amount of debit exceeds the amount of the credits b. There are more entries on the debit side than on the credit side c. None of above d. The last entry of the accounting period was posted on the debit sidearrow_forwardAn account is said to have a debit balance if ? Please full explain the explanation. a. the amount of the debits exceeds the amount of the credits b. there are more entries on the debit side than on the credit side c. there are more entries on the credit side than on the debit side d. the first entry of the accounting period was posted on the debit sidearrow_forward
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