Financial Accounting-w/pier 1+cd-pkg.
3rd Edition
ISBN: 9780131638051
Author: REIMERS
Publisher: PEARSON
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Textbook Question
Chapter B, Problem 1YT
Indicate whether each of the following accounts normally has a debit (DR) or credit (CR) balance and what type of account it is.
Expert Solution & Answer
To determine
Find whether each of the accounts normally has a (DR) debit or (CR) credit balance and identify its type.
Explanation of Solution
Identify the type of accounts and its normal balance.
Account Title | Expense | Revenue | Asset | Liability | Shareholder's equity |
Accounts payable | CR | ||||
Accounts receivable | DR | ||||
Advertising expense | DR | ||||
Cash | DR | ||||
Depreciation expense | DR | ||||
Furniture and fixtures | DR | ||||
Accumulated depreciation | (Contra) CR | ||||
Unearned fees | CR | ||||
Salary expense | DR | ||||
Common stock | CR | ||||
Rent expense | DR | ||||
Retained earnings | CR | ||||
(Earned) fees | CR | ||||
Land | DR | ||||
Building | DR |
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Chapter B Solutions
Financial Accounting-w/pier 1+cd-pkg.
Ch. B - Indicate whether each of the following accounts...Ch. B - Prob. 2YTCh. B - Prob. 1QCh. B - Prob. 2QCh. B - Prob. 3QCh. B - Prob. 4QCh. B - Prob. 5QCh. B - Prob. 6QCh. B - Prob. 7QCh. B - Prob. 8Q
Ch. B - Prob. 9QCh. B - Prob. 1MCQCh. B - Prob. 2MCQCh. B - Prob. 3MCQCh. B - Prob. 4MCQCh. B - Prob. 5MCQCh. B - Prob. 6MCQCh. B - Prob. 7MCQCh. B - Prob. 8MCQCh. B - Prob. 9MCQCh. B - Prob. 10MCQCh. B - Prob. 1SEACh. B - Prob. 2SEACh. B - Prob. 3SEACh. B - Prob. 4SEACh. B - Prob. 5SEACh. B - Prob. 6SEACh. B - Prob. 7SEACh. B - Prob. 8SEACh. B - Prob. 9SEACh. B - Prob. 10SEBCh. B - Prob. 11SEBCh. B - Prob. 12SEBCh. B - Prob. 13SEBCh. B - Prob. 14SEBCh. B - Prob. 15SEBCh. B - Prob. 16SEBCh. B - Prob. 17SEBCh. B - Prob. 18SEBCh. B - Prob. 19EACh. B - Prob. 20EACh. B - Record transactions to T-accounts and prepare an...Ch. B - Prob. 22EACh. B - Prob. 23EACh. B - Record closing entries and compute net income. (LO...Ch. B - Record journal entries, record adjusting entries,...Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prob. 27EBCh. B - Prob. 28EBCh. B - Prob. 29EBCh. B - Prob. 30EBCh. B - Prob. 31EBCh. B - Prob. 32EBCh. B - Prob. 33EBCh. B - Prob. 34EBCh. B - Prepare a trial balance and financial statements....Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prepare closing entries and financial statements....Ch. B - Record adjusting journal entries, post to...Ch. B - Prob. 39PACh. B - Prob. 40PACh. B - Prob. 41PACh. B - Prob. 42PACh. B - Prob. 43PBCh. B - Prob. 44PBCh. B - Prob. 45PBCh. B - Prob. 46PBCh. B - Prob. 47PBCh. B - Prob. 48PBCh. B - Prob. 49PBCh. B - Prob. 50PBCh. B - Prob. 51FSACh. B - Prob. 52CTP
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- Normal 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_forwardWhich of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stockarrow_forwardIdentify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Table 3.14arrow_forward
- Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Table 3.13arrow_forwardIndicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.18arrow_forwardWhat types of accounts are increased with a debit?arrow_forward
- The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or a credit.arrow_forwardArrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.arrow_forwardIndicate how changes in these types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.23arrow_forward
- The words debit and credit are used in two ways in accounting: to debit an account and a debit balance. Explain both usages of the terms debit and credit.arrow_forwardThe __________ is used to determine where the amount in the ledger comes from. a. debit amount b. posting reference (or cross-reference) c. journal d. none of the abovearrow_forwardExplain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forward
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