Homework Answers
Rent expense , is an expense that have debit balances .So to increase the balance of rent expense , the DEBIT entry is needed
Accounts payable Which is a liability has credit balance.So, to decrease the balance in Accounts Payable account ,a DEBIT is needed
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13. Would a debit or a credit increase the balance in the rent expense account when...
In the three columns, enter debit or credit to describe the journal entry necessary to increase...
In
the three columns, enter debit or credit to describe the journal
entry necessary to increase and decrease the account shown to the
left, and indicate which side of the account represents its normal
balance.
Increase Decrease Normal Balance Cash Accounts payable Common Stock Retained earnings Fee revenue Wage expense Debit Credit
31) A business uses a credit to record: A) An increase in an expense account. B)...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to describe the journal entry necessary to increase and decrease the account shown to the left, and indicate which side of the account represents its normal balance. Normal Balance Increase Decrease Cash . Accounts payable A Common Stock Retained earnings Fee revenue . - - Wage expense
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent...
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent represents the cost of rent not yet paid for, while rent expense represents the cost of rent which has been paid for. B.TThese account titles both mean the same thing and are used interchangeably. C.Prepaid rent represents the cost of rent paid for but not yet used, while rent expense represents the cost of rent used to deliver goods or services to customers. D.Rent...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
Adjusted Journal Entries Transaction Account Debit Credit a) Rent Expense $ 5,000 Prepaid Rent $ 5,000...
Adjusted Journal Entries Transaction Account Debit Credit a) Rent Expense $ 5,000 Prepaid Rent $ 5,000 b) Interest Expense $ 1,400 Interest Payable $ 1,400 c) Depreciation Expense $ 3,250 Accumulated Depreciation $ 3,250 d) Supplies Expense $ 290 Office Supplies $ 290 e) Unearned Revenue $ 6,200 Rental Revenue $ 6,200 f) Unearned Rental Income $ 600 Rental Income $ 600 g) Salaries Expense $ 550 Salaries Payable $ 550 Please put these into T accounts.
DO IT! 4 Balance Sheet Classifications Fill in your answers. Name of Account Normal Balance Debit...
DO IT! 4 Balance Sheet Classifications Fill in your answers. Name of Account Normal Balance Debit Credit ACCOUNT CLASSIFICATION -Asset - Liability -Equity Example: Asset If Asset or Liability, state if --Current -Non-Current Debit Non-Current 1. Buildings 2. Accounts Payable 3. Castro, Drawings 4. Equipment 5. Allowance for Doubtful Accounts 6. Notes Payable 7. Cash in Bank 8. Furniture and Fixtures 9. Taxes Payable 10. Notes Receivable 11. Cash on hand 12. Land 13. Accounts Receivable 14. Accumulated Depreciation 15....
27. An Unearned Rent Revenue account with a normal balance would be reported in which column...
27. An Unearned Rent Revenue account with a normal balance would be reported in which column of a worksheet? Multiple Choice Credit column of the Balance Sheet section. Debit column of the Balance Sheet section. Credit column of the Income Statement section. Debit column of the Income Statement section. 26. If an account has a debit balance of $890 in the Trial Balance section of a worksheet and there is a debit entry of $580 in the Adjustments section, the...
Purchased equipment on account C Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease...
Purchased equipment on account C Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Provided services on account Account Account Type Increase/Decrease Debit/Credit Account w2 Account Type Increase/Decrease Debit/Credit Collected cash for future services Increase/Decrease Account Type Debit/Credit Account Collected cash for future services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Prepaid for rent Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bought a company truck for $9,000...
13&14) Question 13 2 pts The debit balance in Cash Short and Over at the end...
13&14)
Question 13 2 pts The debit balance in Cash Short and Over at the end of an accounting period is reported as O an expense on the income statement income on the income statement an asset on the balance sheet a liability on the balance sheet Question 14 2 pts A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? debit...
In
the three columns, enter debit or credit to describe the journal
entry necessary to increase and decrease the account shown to the
left, and indicate which side of the account represents its normal
balance.
Increase Decrease Normal Balance Cash Accounts payable Common Stock Retained earnings Fee revenue Wage expense Debit Credit
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to describe the journal entry necessary to increase and decrease the account shown to the left, and indicate which side of the account represents its normal balance. Normal Balance Increase Decrease Cash . Accounts payable A Common Stock Retained earnings Fee revenue . - - Wage expense
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
DO IT! 4 Balance Sheet Classifications Fill in your answers. Name of Account Normal Balance Debit Credit ACCOUNT CLASSIFICATION -Asset - Liability -Equity Example: Asset If Asset or Liability, state if --Current -Non-Current Debit Non-Current 1. Buildings 2. Accounts Payable 3. Castro, Drawings 4. Equipment 5. Allowance for Doubtful Accounts 6. Notes Payable 7. Cash in Bank 8. Furniture and Fixtures 9. Taxes Payable 10. Notes Receivable 11. Cash on hand 12. Land 13. Accounts Receivable 14. Accumulated Depreciation 15....
Purchased equipment on account C Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Provided services on account Account Account Type Increase/Decrease Debit/Credit Account w2 Account Type Increase/Decrease Debit/Credit Collected cash for future services Increase/Decrease Account Type Debit/Credit Account Collected cash for future services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Prepaid for rent Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bought a company truck for $9,000...
13&14)
Question 13 2 pts The debit balance in Cash Short and Over at the end of an accounting period is reported as O an expense on the income statement income on the income statement an asset on the balance sheet a liability on the balance sheet Question 14 2 pts A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? debit...
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