Question

its fill in the blank are these anwsers correct

24 2212 DD /2 ACCT3310 Homework #1 Name Lacres na Blo DUE: on or before 9:30 a.m. Tuesday, January 28, 2020 For each of the following, fill in the blank with either Increase or Decrease. 1 2 3 A debit A credit A debit A credit A debit A A credit credit to Accounts Payable to Prepaid Expenses to Retained Earnings to Utilities Expense to Dividends to Accounts Receivable to would_0 W recse the account. would decrease the account. would al crease the account. would decreases the account. would increase the account. would decrease the account. 5 6 Using the normal balances for Statement, Statement of Ret You do not need to disting e normal balances for Gus Company below, prepare a Multi-step Income t. Statement of Retained Earnings, and a Classified Balance Sheet. need to distinguish between Selling and General/Admin Expenses but be sure that te dates are indicated in each of the three statements. Gus Company inalnhahetical order Year ended Docom appropriate dates

Answer 1

Answer:

1	A debit to Accounts payable would decrease the account
2	A credit to Prepaid Expenses would decrease the account
3	A debit to Retained earnings would decrease the account
4	A credit to Utilities expense would decrease the account
5	A debit to Dividends would increase the account
6	A credit to Accounts Receivable would decreases the account

Explanations:

I.Assets, Expenses and Dividend have debit balance as those normal balance. So that, these are increased by 'Debit' and decreased by 'Credit'.

Prepaid expenses and Accounts receivable-Asset, Utilities expense-Expense, and Dividends are come under this category.

II.Liabilities,Revenues and Equity have credit balance as normal those normal balance. So that, These are increased by 'Credit' and decreased by 'Debit'.

Accounts payable-Liability, and Retained earnings-Equity are come under this category.