Homework Answers
Normal Balance are the expected balance that a particulars account should have based on its classification.
All assets, Expenses, Losses and Contra-Liability accounts should have Normal debit balance. All Liabilities, Revenue, Gain and Contra-Asset accounts should have Normal credit balances
| Type of Acounts | Debit | Credit |
| Assets | Debit | |
| Liabilities | Credit | |
| Contra-assets | Credit | |
| Share Capital | Credit | |
| Retained Earnings | Credit | |
| Dividends | Debit | |
| Revenue | Credit | |
| Expenses | Debit | |
| Gain | Credit |
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B2-NORMAL BALANCE (9 points) Fill in the normal balance for each type of account. Credit Debit Type of Account Asse...
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and...
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). = Liabilities Assets Equity Contributed Capital Retained Earnings Common = Liabilities Assets (d) Dividends Stock Revenues Expenses c) Fill in the normal balance of the account Account type Asset Expenses Dividends Liabilities Normal Balance Debit Revenues Common Stock d) Determining the balance in the following T-account Cash 25,000 1,000 2,000 3,000
12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and...
12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). Assets Liabilities + Equity Contributed Capital Common Stock Retained Earnings Assets Liabilities Dividends Revenues Expenses 13. Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Dividends Liabilities Revenues Common Stock 14. Prepare journal entries to record the following transactions that occurred in April: A. on first day of the month, issued common stock for cash, S15,000...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the account. Group of answer choices Assets Dividends Capital Contributions Revenues Contra Assets Losses Expenses Liabilities Contra Revenues Retained Earnings Gains 2. Choose all the accounts below that would be DECREASED by a CREDIT entry to the account. Group of answer choices Retained Earnings Assets Equity Expenses Dividends Contra Assets Losses Liabilities 3. Choose all the accounts below that would be DECREASED by a DEBIT...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for each account. a. Cash b. Dividends c. Office Equipment d. Accounts Payable e. Utilities Expense f. Common Stock g. Prepaid Insurance h. Service Revenues
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit)...
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit) 8,500 12 500 Asser Balance Sheet Dehir a) Accounts Payable b) Accounts Receivable c) Beginning Balance Retained Earnings d) Cash c) Common Stock f) Dividends g) Equipment h) Land i) Notes Payable j) Prepaid Rent k) Salaries Expense 1) Service Revenue m) Supplies n) Supplies Expense o) Utilities Expense 16,500 25,000 12.000 45,000 32,000 12.000 1.200 Expense Income Statement Debir 50,000 125,000 1.800 4,000...
The normal balance in an asset account is a debit. It's also the normal balance for...
The normal balance in an asset account is a debit. It's also the normal balance for an expense account. The normal balance for a liability and owner's equity accounts is a credit. Credit is the normal balance for revenues as well. This seems odd. Assets (economic resources) & expenses (outflows incurred to generate revenues) have the same normal balance and so do liabilities (amounts owed or creditor claims)and revenues (increases in equity from business transactions). It seems contradictory. Why is...
Problem 3 – Account Characteristics – 10 points Account Title Account Type What does Debit do...
Problem 3 – Account Characteristics – 10 points
Account Title
Account Type
What does Debit
do to account?
+ or -
Normal Balance
of Account
(Debit or Credit)
Which Financial Statement?
(Balance Sheet, Income Statement, Statement of Retained
Earnings)
Example
Petty Cash
Asset
+
Debit
Balance Sheet
1
Depreciation Expense
2
Merchandise Inventory
3
Cost of Goods Sold
4
Unearned Subscription Revenue
5
Service Revenue
6
Retained Earnings
7
Allowance for Doubtful Accounts
8
Interest Receivable
9
Patent
10
Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Search in Document Heading 2 Heading3 LO2. What is double-entry accounting? a) Draw a T-account and...
Search in Document Heading 2 Heading3 LO2. What is double-entry accounting? a) Draw a T-account and label the debit and credit side. b) Filin the expanded accounting equation with Debit (DR), Credit (CR), and Iacrease (Ine.) and Decrease (Dec.). Assets- Liabilities+ Equity Owner, Owner, WdraRevenuessens Assets Liabilities c) Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Owner, Withdrawals Liabilities Revenues Owner, Capital d) Determining the balance in the following T-account Cash 25,000 1,000...
Trial balance Account Titles Debit Credit Cash $ 95,430 Accounts Receivable $ 6,000 Prepaid Rent $ &n
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). = Liabilities Assets Equity Contributed Capital Retained Earnings Common = Liabilities Assets (d) Dividends Stock Revenues Expenses c) Fill in the normal balance of the account Account type Asset Expenses Dividends Liabilities Normal Balance Debit Revenues Common Stock d) Determining the balance in the following T-account Cash 25,000 1,000 2,000 3,000
12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). Assets Liabilities + Equity Contributed Capital Common Stock Retained Earnings Assets Liabilities Dividends Revenues Expenses 13. Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Dividends Liabilities Revenues Common Stock 14. Prepare journal entries to record the following transactions that occurred in April: A. on first day of the month, issued common stock for cash, S15,000...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for each account. a. Cash b. Dividends c. Office Equipment d. Accounts Payable e. Utilities Expense f. Common Stock g. Prepaid Insurance h. Service Revenues
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit) 8,500 12 500 Asser Balance Sheet Dehir a) Accounts Payable b) Accounts Receivable c) Beginning Balance Retained Earnings d) Cash c) Common Stock f) Dividends g) Equipment h) Land i) Notes Payable j) Prepaid Rent k) Salaries Expense 1) Service Revenue m) Supplies n) Supplies Expense o) Utilities Expense 16,500 25,000 12.000 45,000 32,000 12.000 1.200 Expense Income Statement Debir 50,000 125,000 1.800 4,000...
The normal balance in an asset account is a debit. It's also the normal balance for an expense account. The normal balance for a liability and owner's equity accounts is a credit. Credit is the normal balance for revenues as well. This seems odd. Assets (economic resources) & expenses (outflows incurred to generate revenues) have the same normal balance and so do liabilities (amounts owed or creditor claims)and revenues (increases in equity from business transactions). It seems contradictory. Why is...
Problem 3 – Account Characteristics – 10 points
Account Title
Account Type
What does Debit
do to account?
+ or -
Normal Balance
of Account
(Debit or Credit)
Which Financial Statement?
(Balance Sheet, Income Statement, Statement of Retained
Earnings)
Example
Petty Cash
Asset
+
Debit
Balance Sheet
1
Depreciation Expense
2
Merchandise Inventory
3
Cost of Goods Sold
4
Unearned Subscription Revenue
5
Service Revenue
6
Retained Earnings
7
Allowance for Doubtful Accounts
8
Interest Receivable
9
Patent
10
Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Search in Document Heading 2 Heading3 LO2. What is double-entry accounting? a) Draw a T-account and label the debit and credit side. b) Filin the expanded accounting equation with Debit (DR), Credit (CR), and Iacrease (Ine.) and Decrease (Dec.). Assets- Liabilities+ Equity Owner, Owner, WdraRevenuessens Assets Liabilities c) Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Owner, Withdrawals Liabilities Revenues Owner, Capital d) Determining the balance in the following T-account Cash 25,000 1,000...
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
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