Discussion 1

“Since you are enrolled in an introductory accounting class, a friend asks you the following: "I have never understood debits and credits." Provide a brief explanation of the terms debit and credit and how they are used in an accounting information system.

Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspects of accounting.

Which journal entries is correct when a business entity collects an accounts receivable? A. Cash - debit. Accounts receivable - credit. B. Accounts receivable- debit. Service revenue - credit. C. Cash- debit. Accounts Payable- credit. D. Cash -debit. Notes payable - credit.

In a business, what does it mean to apply credits? I understand what the definition of a credit is, but what does it mean to apply credits in accounting? Please explain, thank you.

In accounting for a business, what does it mean to apply credits? Please explain.

1.    What do you think of when you hear the word debit? What do you think of when you hear the word credit? 2.    What does our textbook say about debits and credits? 3.    How would you describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type? 4.    Which account types are presented on the Balance Sheet? What about the Income Statement? 5.    Our eBook describes how to calculate an account balance. Can you describe this process for the Cash account in your own words? How is this process different for a Liability or Owner’s Equity Account? 6.    What does the term ‘normal balance’ mean?

Question information and the question are located in the images attached. Thank you.

of economic events is the part of the accounting process that involves Communication O a. preparing accounting reports Ob.identifying economic events Oc. quantifying transactions into dollars and cents O d. recording and classifying information

Accounts receivable: Multiple Choice arise from the purchase of goods or services on credit. are amounts owed to a business by its customers. will be collected within the discount period or when due. are reported on the income statement.

A. Classify the transactions in the box to the appropriate journal where it will be recorded. (Please refer to the picture.)

Provide an explanation for the following transactions: Thanks!

The journal entry to record a particular business transaction includes a debit to a liability account.  This transaction is most likely also to include: a                      A cash receipt. b                      The purchase of an asset on account. c                      A cash payment. d                      A credit to Accounts Receivable.

Solve this question with steps please. The subject is fundamental of financial accounting.