Homework Answers
| SR NO | PARTICULARS | DEBIT($) | CREDIT($) | EFFECT ON A/C |
| 7. | INTEREST RECEIVABLE A/C DR | 2500 | 0 | INCREASE |
| TO REVENUE A/C CR | 0 | 2500 | DECREASE | |
| (BEING ACCRUED IN INTEREST ON INVESTMENT) | ||||
| 8. | CASH A/C DR | 1000 | 0 | INCREASE |
| TO INTEREST REVENUE | 0 | 1000 | DECREASE | |
| (BEING THE INSU. CO, $1000 IN INTEREST ON A BOND PAYABLE) | ||||
| 9. | CASH A/C DR | 2500 | 0 | INCREASE |
| TO INTEREST REVENUE | 0 | 2500 | DECREASE | |
| (BEING THE INSURANCE COMPANY WAS PAID $2500 IN INTEREST ON AN INVESTMENT) | ||||
| 10. | UTILITY EXPENSES A/C DR | 3487 | 0 | INCREASE |
| TO CASH A/C | 0 | 3487 | DECREASE | |
| (BEING THE INSURANCE COMPANY PAID $3487 IN CASH FOR THEIR MONTHLY UTILITY BILL) | ||||
| 11. | BUILDING A/C DR | 300000 | 0 | INCREASE |
| TO MORTGAGE PAYABLE | 0 | 300000 | DECREASE | |
| (BEING THE INSURANCE COMPANY TOOK ON A MORTAGAGE FOR $300000) | ||||
| 12. | OWNER'S INVESTMENT A/C DR | 50000 | 0 | INCREASE |
| TO CASH A/C | 0 | 50000 | DECREASE | |
| (BEING DOUG JOHNSON INVESTES $50000 CASH IN THE INSUARANCE COMPANY) | ||||
| 13. | OWNER'S WITHDRAWAL A/C DR | 50000 | 0 | INCREASE |
| TO CASH A/C | 0 | 50000 | DECREASE | |
| (BEING DOUG JOHNSON WITHDRAWS $50000 CASH IN THE INSURANCE COMPANY) |
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7. The Insurance Company accrued $2,500 in...
answer these problem please thank you! Account DB CR 7. The Insurance Company accrued $2,500 in...
answer these problem please
thank you!
Account DB CR 7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit/Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue increase decrease DB Account CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on Account...
Answer these problems please thank you 14. The Insurance Company purchased some equipment for $4,000 in...
Answer these problems please
thank you
14. The Insurance Company purchased some equipment for $4,000 in stock, $5,000 in land, and $3,000 on credit. Account Effect on Account Debit Credit Equipment increase decrease Equity increase decrease Land increase decrease Accounts Payable increase decrease Account DB CR 15. The Insurance Company purchased $1,000 of liability insurance with cash for their vehicles. Account Effect on Account Debit/Credit Insurance Expense increase decrease Cash increase decrease Account DB CR Debit/Credit 16. The Insurance Company...
Solve these problem please i need a good explanation for these thank you! This exercise will...
Solve these problem please
i need a good explanation for these
thank you!
This exercise will continue the understanding of the accounting equation and double entry accounting that began in the prior chapter. In this chapter we will revisit the prior worksheet, but add a step. So here students must: 1. Identify what account(s) are affected by the transaction. 2. Identify if the affected accounts are increased or decreased by the transaction. 3. Determine if increasing (decreasing) the account is...
can somebody explain what goes on the account line, and whether or not i should debit...
can somebody explain what goes on the account line, and whether or not i should debit or credit the items. Thank you DB CR Account w Kereve 2, soo 2500 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit Credit Cash Increase decrease Interest Revenue increase decrease Account DB
Answer all of these thank you 8. A debit to wages expense can be balanced by...
Answer all of these thank you
8. A debit to wages expense can be balanced by a credit to what account. A. Wages Payable B. Fees Earned C. Fees Unearned D. Depreciation 9. A credit to prepaid insurance can be balanced by a debit to what account. A. Insurance Expense B. Notes Payable C. Revenue D. Unearned Revenue 10. A credit to rental revenue can be balanced by a debit to what account. A. Depreciation B. Rental Expense C. Accounts...
Secognize accrued interest on a note rece adjustin Sting entry is made on December 311 a...
Secognize accrued interest on a note rece adjustin Sting entry is made on December 311 a debit to Interest Receiv Revenue. a debit to Inferest Expense an c. a debit to Interest a debit to Inorest Payab note receivable, the following Interest Receivable and credit to interest Co Inzerest Expense and a Credit to cash. nerest Expense and a credit to Interest Payable. Co Inorest Payable and a credit to cash. 34. Investments increase owner's equity? a. increase increase owner's...
please answer all parts, will thumb up! Pige sofs To recognize accrued a debit to Intereste...
please answer all parts, will thumb up!
Pige sofs To recognize accrued a debit to Intereste Pevenue a debit to Interest Expen 48ting entered interest on note receivable, the toto ontry is made on December 31 Receivable and credit to Interest nerest Expanded to Cash a debit to Inserest Expense and a CT debit to Interest Payable *pense and a credit to Interest Payable. to Interest Payable and a credit to Cash vestments increase E DC Drawings has what effect...
please fill in the blanks Paid for advertising in the local paper Account #1 Account Type...
please fill in the blanks
Paid for advertising in the local paper Account #1 Account Type Increase/Decrease Debit/Credit advertising expenses expenses Increase Debit Account #2 Account Type Increase/Decrease Debit/Credit cash assets Decrease Credit Paid for a one year insurance policy Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Collected cash for services Account #1 Account Type Increase/Decrease Debit/Creo Account #2 Account Type Increase/Decrease Debit/Credit Bought a...
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner,...
Review the transactions and determine the accounts, the account
types (use assets; liabilities; owner, capital; owner, withdrawals;
revenue; and expenses), if they increase/decrease and if they are
DR/CR. List accounts in order they would be in the journal
entry.
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash...
answer these problems thank you 3. 1. Under cash accounting, a credit to revenue account must...
answer these problems
thank you
3. 1. Under cash accounting, a credit to revenue account must be balanced with a debit to the account 2. Under cash accounting, a debit to the rent expense account must be balanced with a credit to the account 3. Under accrual accounting, normally a credit to the accounts receivable account will be balanced with a debit to the account Under accrual accounting, normally a debit to the accounts payable account will be balanced with...
answer these problem please
thank you!
Account DB CR 7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit/Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue increase decrease DB Account CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on Account...
Answer these problems please
thank you
14. The Insurance Company purchased some equipment for $4,000 in stock, $5,000 in land, and $3,000 on credit. Account Effect on Account Debit Credit Equipment increase decrease Equity increase decrease Land increase decrease Accounts Payable increase decrease Account DB CR 15. The Insurance Company purchased $1,000 of liability insurance with cash for their vehicles. Account Effect on Account Debit/Credit Insurance Expense increase decrease Cash increase decrease Account DB CR Debit/Credit 16. The Insurance Company...
Solve these problem please
i need a good explanation for these
thank you!
This exercise will continue the understanding of the accounting equation and double entry accounting that began in the prior chapter. In this chapter we will revisit the prior worksheet, but add a step. So here students must: 1. Identify what account(s) are affected by the transaction. 2. Identify if the affected accounts are increased or decreased by the transaction. 3. Determine if increasing (decreasing) the account is...
can somebody explain what goes on the account line, and whether or not i should debit or credit the items. Thank you DB CR Account w Kereve 2, soo 2500 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit Credit Cash Increase decrease Interest Revenue increase decrease Account DB
Answer all of these thank you
8. A debit to wages expense can be balanced by a credit to what account. A. Wages Payable B. Fees Earned C. Fees Unearned D. Depreciation 9. A credit to prepaid insurance can be balanced by a debit to what account. A. Insurance Expense B. Notes Payable C. Revenue D. Unearned Revenue 10. A credit to rental revenue can be balanced by a debit to what account. A. Depreciation B. Rental Expense C. Accounts...
Secognize accrued interest on a note rece adjustin Sting entry is made on December 311 a debit to Interest Receiv Revenue. a debit to Inferest Expense an c. a debit to Interest a debit to Inorest Payab note receivable, the following Interest Receivable and credit to interest Co Inzerest Expense and a Credit to cash. nerest Expense and a credit to Interest Payable. Co Inorest Payable and a credit to cash. 34. Investments increase owner's equity? a. increase increase owner's...
please answer all parts, will thumb up!
Pige sofs To recognize accrued a debit to Intereste Pevenue a debit to Interest Expen 48ting entered interest on note receivable, the toto ontry is made on December 31 Receivable and credit to Interest nerest Expanded to Cash a debit to Inserest Expense and a CT debit to Interest Payable *pense and a credit to Interest Payable. to Interest Payable and a credit to Cash vestments increase E DC Drawings has what effect...
please fill in the blanks
Paid for advertising in the local paper Account #1 Account Type Increase/Decrease Debit/Credit advertising expenses expenses Increase Debit Account #2 Account Type Increase/Decrease Debit/Credit cash assets Decrease Credit Paid for a one year insurance policy Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Collected cash for services Account #1 Account Type Increase/Decrease Debit/Creo Account #2 Account Type Increase/Decrease Debit/Credit Bought a...
Review the transactions and determine the accounts, the account
types (use assets; liabilities; owner, capital; owner, withdrawals;
revenue; and expenses), if they increase/decrease and if they are
DR/CR. List accounts in order they would be in the journal
entry.
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash...
answer these problems
thank you
3. 1. Under cash accounting, a credit to revenue account must be balanced with a debit to the account 2. Under cash accounting, a debit to the rent expense account must be balanced with a credit to the account 3. Under accrual accounting, normally a credit to the accounts receivable account will be balanced with a debit to the account Under accrual accounting, normally a debit to the accounts payable account will be balanced with...
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