Homework Answers
| Sl. No. | Particulars | |
| 1 | Accouting equation is: | Example |
| Assets = Liabilities + Equity. | If liability is $500 and equity is $200, then Assets = (500+200) | |
| Liabilities = Assets – Equity. | If total assets is $1,000 and equity is $300, then liability is $700(1,000-300). | |
| Equity = Assets – Liabilities. | If total assets is $1,500 and liability is $400, then equity is $1,100(1,500-400) | |
| 2 | The normal balance for an asset account is the debit side. | True. As per double entry rules, normal balances of assets are always debit and normal balances of liability and equity are always credit. |
| The normal balance for an liability account is the debit side. | False. As per double entry rules, normal balances of assets are always debit and normal balances of liability and equity are always credit. | |
| Common stock is not a type of stockholders' equity | False. Common stock is a type of stockholders' equity only. | |
| Revenue increase on the debit side. | False, Revenue is an income, and for increase in income Credit is not. Not debit. | |
| When recording a journal entry you should start with debit account. | True, While passing journal entries we write first debit accounts then credit account. | |
| 3 | Journal Entries | |
| Office supplies A/c Dr. $400 | ||
| Account payable $400 | ||
| (office supplies purchased on account) | ||
| Cash A/c Dr. $600 | ||
| Sales of services(revenue) $600 | ||
| (being cash sales made) | ||
| Wages A/c Dr. $350 | ||
| Cash A/c $350 | ||
| (being wages paid in cash) | ||
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