Rules of debit and credit: Following are the rules of debit and credit for different accounts; Debit all increase in assets, expenses, and all decrease in liabilities, revenues, and stockholders’ equity . Credit all increase in liabilities, stockholders’ equity, and all decrease in assets and expenses. To state: the rules of debit and credit for asset account.

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Answer 1

Question

Chapter 3, Problem 9Q

(a)

To determine

Rules of debit and credit: Following are the rules of debit and credit for different accounts;

Debit all increase in assets, expenses, and all decrease in liabilities, revenues, and stockholders’ equity.

Credit all increase in liabilities, stockholders’ equity, and all decrease in assets and expenses.

To state: the rules of debit and credit for asset account.

(b)

To determine

To state: the rules of debit and credit for liability account.

(c)

To determine

To state: the rules of debit and credit for common stock account.

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Accounting Elements that affect receivables - discount, returns and valuations

Answer 2

Question

Chapter 3, Problem 9Q

(a)

To determine

Rules of debit and credit: Following are the rules of debit and credit for different accounts;

Debit all increase in assets, expenses, and all decrease in liabilities, revenues, and stockholders’ equity.

Credit all increase in liabilities, stockholders’ equity, and all decrease in assets and expenses.

To state: the rules of debit and credit for asset account.

(b)

To determine

To state: the rules of debit and credit for liability account.

(c)

To determine

To state: the rules of debit and credit for common stock account.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 9Q

(a)

To determine

Rules of debit and credit: Following are the rules of debit and credit for different accounts;

Debit all increase in assets, expenses, and all decrease in liabilities, revenues, and stockholders’ equity.

Credit all increase in liabilities, stockholders’ equity, and all decrease in assets and expenses.

To state: the rules of debit and credit for asset account.

(b)

To determine

To state: the rules of debit and credit for liability account.

(c)

To determine

To state: the rules of debit and credit for common stock account.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 9Q

(a)

To determine

Rules of debit and credit: Following are the rules of debit and credit for different accounts;

Debit all increase in assets, expenses, and all decrease in liabilities, revenues, and stockholders’ equity.

Credit all increase in liabilities, stockholders’ equity, and all decrease in assets and expenses.

To state: the rules of debit and credit for asset account.

(b)

To determine

To state: the rules of debit and credit for liability account.

(c)

To determine

To state: the rules of debit and credit for common stock account.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 9Q

(a)

To determine

Rules of debit and credit: Following are the rules of debit and credit for different accounts;

Debit all increase in assets, expenses, and all decrease in liabilities, revenues, and stockholders’ equity.

Credit all increase in liabilities, stockholders’ equity, and all decrease in assets and expenses.

To state: the rules of debit and credit for asset account.

(b)

To determine

To state: the rules of debit and credit for liability account.

(c)

To determine

To state: the rules of debit and credit for common stock account.

Answer 6

Chapter 3, Problem 9Q

(a)

To determine

Rules of debit and credit: Following are the rules of debit and credit for different accounts;

Debit all increase in assets, expenses, and all decrease in liabilities, revenues, and stockholders’ equity.

Credit all increase in liabilities, stockholders’ equity, and all decrease in assets and expenses.

To state: the rules of debit and credit for asset account.

Answer 7

Chapter 3, Problem 9Q

(a)

To determine

Rules of debit and credit: Following are the rules of debit and credit for different accounts;

Debit all increase in assets, expenses, and all decrease in liabilities, revenues, and stockholders’ equity.

Credit all increase in liabilities, stockholders’ equity, and all decrease in assets and expenses.

To state: the rules of debit and credit for asset account.

Answer 8

(b)

To determine

To state: the rules of debit and credit for liability account.

Answer 9

(b)

To determine

To state: the rules of debit and credit for liability account.

Answer 10

(c)

To determine

To state: the rules of debit and credit for common stock account.

Answer 11

(c)

To determine

To state: the rules of debit and credit for common stock account.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Solution Summary: The author explains the rules of debit and credit for different accounts.

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To state: the rules of debit and credit for liability account.

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