Question 1

______________, _______________, and _______________ have debit normal account balances whereas _______________, ________________, and ________________ have credit normal account balances.

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The answer of ______________, _______________, and _______________ have debit normal...

Question 2

The chart of accounts used by Notwist Copy Company is listed below. You are to indicate the proper accounts to be debited and credited for the following transactions by writing the account number(s) in the appropriate boxes.

Accepted Answer

The answer of The chart of accounts used by Notwist...

Question 3

For each of the following transactions of Neon Garden, identify the account to 1. Purchased equipment for cash.
2. Paid weekly payroll.
3. Purchased supplies on account.
4. Received utility bill to

Accepted Answer

The answer of For each of the following transactions of...

Question 4

A fellow classmate is confused about how debits and credits relate to the basic accounting equation. State the basic accounting equation, convert it into the expanded accounting equation, and then explain how it ties into the rules for debits and credits.

Accepted Answer

The answer of A fellow classmate is confused about how...

Question 5

For the accounts listed below, indicate if the normal balance of the account is a debit or credit.

Accepted Answer

The answer of For the accounts listed below, indicate if...

Question 6

For each of the following accounts indicate (a) the type of account (Asset, Liability, Owner's Equity, Revenue, Expense), (b) the debit and credit effects, and (c) the normal account balance.

Accepted Answer

The answer of For each of the following accounts indicate...

Question 7

Selected transactions for A. Byrjun, a property manager, in her first month of business,
are as follows.  Instructions
For each transaction indicate the following.
(a) The basic type of account debited and credited (asset (A), liability (L), owner's equity (OE)).
(b) The specific account debited and credited (cash, rent expense, service revenue, etc.).
(c) Whether the specific account is increased (incr.) or decreased (decr).
(d) The normal balance of the specific account.
Use the following format, in which the January 2 transaction is given as an example.

Accepted Answer

The answer of Selected transactions for A. Byrjun, a property...

Question 8

During an accounting period, a business has numerous transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries.

Accepted Answer

The answer of During an accounting period, a business has...

Question 9

Under a double-entry system, show how the entry in each statement is entered in the ledger by using debit or credit to indicate the increase or decrease in the affected account.

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The answer of Under a double-entry system, show how the...

Question 10

Eight transactions are recorded in the following T-accounts:   Indicate for each debit and each credit: (a) whether an asset, liability, capital, drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or (-) decreased.

Accepted Answer

The answer of Eight transactions are recorded in the following...

Question 11

For each of the following accounts, indicate the effects of (a) a debit and (b) the normal account balance.
 1. Notes Payable
 2. Cash
 3. Salaries and Wages Expense
 4. Service Revenue
 5. Equipment
 6. Owner's Capital

Accepted Answer

The answer of For each of the following accounts, indicate...

Question 12

An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased and its normal balance.

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The answer of An account is an important accounting record...

Question 13

The process of entering an amount on the left side of an account is called ____________ the account, and making an entry on the right side is called _________________ the account.

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The answer of The process of entering an amount on...

Question 14

Sigur Ros Company is a newly organized business. The list of accounts to Instructions Organize the accounts into the order in which they should appear in the ledger of Sigur Ros Company and assign account numbers. Use the following system to assign account numbers.

Accepted Answer

The answer of Sigur Ros Company is a newly organized...

Question 15

An _______________ is a record of increases and decreases in specific assets, liabilities, and owner's equity items.

Accepted Answer

The answer of An _______________ is a record of increases...

Question 16

Your roommate, a marketing major, thinks that debit means decrease and credit means increase. And, that every account can be debited and credited and as result, every account can have both a debit and a credit balance. Explain to your roommate (1) the meaning of debit and credit; (2) which accounts can only be debited, which can only be credited, and which can be both debited and credited; and (3) which accounts normally have debit balances and which credit balances.

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The answer of Your roommate, a marketing major, thinks that...

Question 17

For each transaction given, enter in the tabulation given below a "D" for debit and a "C" for credit to reflect the increases and decreases of the assets, liabilities, and owner's equity accounts. In some cases there may Transactions:
1. Owner invests cash in the business.
2. Pays cash for equipment.
3. Pays administrative assistant's salary.
4. Purchases office supplies on account.
5. Pays electricity bill.
6. Borrows money from local bank.
7. Makes payment on account.
8. Receives cash due from customers.
9. Provides services on account.
10. Owner withdraws assets from the business.

Accepted Answer

The answer of For each transaction given, enter in the...

Question 18

Identify the accounts to 1. The owner, O. Gulag, invested $8,000 cash in the business.
2. Purchased supplies on account for $1,000.
3. Billed customers $2,000 for services performed.
4. Paid salaries of $1,200.

Accepted Answer

The answer of Identify the accounts to 1. The owner,...

Question 19

Cora's Services was formed on May 1. The following transactions and events took place during the first month.
1. Cora Jacq invested $20,000 cash in the company, as its sole owner.
2. Hired two employees to work in the office. They will each 3. Signed a 2-year rental agreement on an office; paid $24,000 cash for rent.
4. Purchased equipment costing $30,000; paid $6,000 now and the remainder on account.
5. Paid $2,100 cash for furniture.
6. Purchased basic office supplies for $520 cash.
7. Purchased more office supplies for $1,300 on account.
8. Total revenues earned were $50,000: $38,000 cash and $12,000 on account.
9. Paid $400 to suppliers from item 7.
10. Received $4,000 from customers in payment of accounts receivable.
11. Received utility bill in the amount of $490, to 12. Paid the monthly salaries of the two employees, totaling $4,000.
Indicate the account debited and the account credited for each date.

Accepted Answer

The answer of Cora's Services was formed on May 1....

Question 20

Identify the equation element (asset, liability, owner's capital, owner's drawing, revenue, or expense), the normal balances (debit or credit), and which side shows an increase and which side shows a decrease for the following accounts. Complete the table.

Accepted Answer

The answer of Identify the equation element (asset, liability, owner's...

Quiz 3: The Recording Process: Debits and Credits

______, _, and _ have debit normal account balances whereas _, , and ______ have credit normal account balances.

The chart of accounts used by Notwist Copy Company is listed below. You are to indicate the proper accounts to be debited and credited for the following transactions by writing the account number(s) in the appropriate boxes.

For each of the following transactions of Neon Garden, identify the account to 1. Purchased equipment for cash. 2. Paid weekly payroll. 3. Purchased supplies on account. 4. Received utility bill to

A fellow classmate is confused about how debits and credits relate to the basic accounting equation. State the basic accounting equation, convert it into the expanded accounting equation, and then explain how it ties into the rules for debits and credits.

For the accounts listed below, indicate if the normal balance of the account is a debit or credit.

For each of the following accounts indicate (a) the type of account (Asset, Liability, Owner's Equity, Revenue, Expense), (b) the debit and credit effects, and (c) the normal account balance.

During an accounting period, a business has numerous transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries.

Under a double-entry system, show how the entry in each statement is entered in the ledger by using debit or credit to indicate the increase or decrease in the affected account.

Eight transactions are recorded in the following T-accounts: Indicate for each debit and each credit: (a) whether an asset, liability, capital, drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or (-) decreased.

For each of the following accounts, indicate the effects of (a) a debit and (b) the normal account balance. 1. Notes Payable 2. Cash 3. Salaries and Wages Expense 4. Service Revenue 5. Equipment 6. Owner's Capital

An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased and its normal balance.

The process of entering an amount on the left side of an account is called the account, and making an entry on the right side is called _____ the account.

Sigur Ros Company is a newly organized business. The list of accounts to Instructions Organize the accounts into the order in which they should appear in the ledger of Sigur Ros Company and assign account numbers. Use the following system to assign account numbers.

An _______________ is a record of increases and decreases in specific assets, liabilities, and owner's equity items.

Identify the accounts to 1. The owner, O. Gulag, invested $8,000 cash in the business. 2. Purchased supplies on account for $1,000. 3. Billed customers $2,000 for services performed. 4. Paid salaries of $1,200.

Identify the equation element (asset, liability, owner's capital, owner's drawing, revenue, or expense), the normal balances (debit or credit), and which side shows an increase and which side shows a decrease for the following accounts. Complete the table.