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4. To decrease the balance in the following accounts, would you debit the account or would you credit the account? a. Accounts Payable b. Cash c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital g. Supplies h. Supplies Expense i. Prepaid Insurance j. Service Revenue k. Mary Smith, Drawing 1. Equipment m. Uneamed Revenue Debit Credit Debit Credit Debit Credit Debit Debit Credit Credit Debit Debit Credit Credit Credit Debit Debit Debit Credit Credit Debit Credit Debit Debit Credit Credit

4. To decrease the balance in the following accounts, would you debit the account or would you credit the account? a. Accounts Payable b. Cash c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital g. Supplies h. Supplies Expense i. Prepaid Insurance j. Service Revenue k. Mary Smith, Drawing 1. Equipment m. Uneamed Revenue Debit Credit Debit Credit Debit Credit Debit Debit Credit Credit Debit Debit Credit Credit Credit Debit Debit Debit Credit Credit Debit Credit Debit Debit Credit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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9:38 ..il ? 70 Find study resources 4. To decrease the balance in the following accounts, would you debit the account or would you credit the account? a. Accounts Payable b. Cash Debit Credit Debit Сredit c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital g. Supplies h. Supplies Expense Debit Сredit Debit Credit Debit Credit Debit Credit Сredit Credit Credit Credit Debit Debit i. Prepaid Insurance j. Service Revenue k. Mary Smith, Drawing 1. Equipment Debit Debit Debit Credit Debit Credit Credit m. Unearned Revenue Debit 5. What is the normal balance for the following accounts? a. Accounts Payable Debit Credit a. Cash c. Land d. Notes Payable Сredit Credit Debit Debit Debit Credit e. Accounts Receivable f. Mary Smith, Capital g. Supplies h. Supplies Expense i. Prepaid Insurance i. Service Revenue k. Mary Smith, Drawing 1. Equipment m. Unearned Revenue Debit Debit Credit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Debit Credit Credit Debit Credit 6. Generally when an expense is involved in a transaction, an expense will be 7. Generally when revenues are involved in a transaction, a revenue account will be 8. The accountant's word to indicate that an entry will be recorded on the left-side of an account is 9. A contra-asset account such as Accumulated Depreciation will likely have which balance? 10. A contra-liability account such as Discount on Notes Payable will likely have which balance? Answers 1. a. Yes (Cash is always debited when cash is received.) b. No (This owner equity account should be credited, not debited.) FROM THE DESK OF SIR JUNAID Page 16 2. a. Accounts Receivable (The account Accounts Receivable should be debited in August. Accounts Receivable, an asset, was increased in August.) b. Service Revenue (You should credit revenues when they are earned.) c. Cash (We always debit Cash when cash is received.) d. Accounts Receivable (When an asset such as Accounts Receivable is decreased, you credit the account.) 3. a. Credit (To increase a liability you credit the liability account.) b. Debit (Cash and other assets are debited to increase their balances.) c. Debit (Since land is an asset, you debit the account to increase its balance.) d. Credit (As with any liability account, you credit the account to increase its balance.) e. Debit (Accounts Receivable is an asset and a debit will increase an asset account.) f. Credit (Mary Smith, Capital is an owner equity account with a normal balance of credit. Hence you credit the account to increase its balance.) A+ Ask Expert Tutors
Transcribed Image Text:9:38 ..il ? 70 Find study resources 4. To decrease the balance in the following accounts, would you debit the account or would you credit the account? a. Accounts Payable b. Cash Debit Credit Debit Сredit c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital g. Supplies h. Supplies Expense Debit Сredit Debit Credit Debit Credit Debit Credit Сredit Credit Credit Credit Debit Debit i. Prepaid Insurance j. Service Revenue k. Mary Smith, Drawing 1. Equipment Debit Debit Debit Credit Debit Credit Credit m. Unearned Revenue Debit 5. What is the normal balance for the following accounts? a. Accounts Payable Debit Credit a. Cash c. Land d. Notes Payable Сredit Credit Debit Debit Debit Credit e. Accounts Receivable f. Mary Smith, Capital g. Supplies h. Supplies Expense i. Prepaid Insurance i. Service Revenue k. Mary Smith, Drawing 1. Equipment m. Unearned Revenue Debit Debit Credit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Debit Credit Credit Debit Credit 6. Generally when an expense is involved in a transaction, an expense will be 7. Generally when revenues are involved in a transaction, a revenue account will be 8. The accountant's word to indicate that an entry will be recorded on the left-side of an account is 9. A contra-asset account such as Accumulated Depreciation will likely have which balance? 10. A contra-liability account such as Discount on Notes Payable will likely have which balance? Answers 1. a. Yes (Cash is always debited when cash is received.) b. No (This owner equity account should be credited, not debited.) FROM THE DESK OF SIR JUNAID Page 16 2. a. Accounts Receivable (The account Accounts Receivable should be debited in August. Accounts Receivable, an asset, was increased in August.) b. Service Revenue (You should credit revenues when they are earned.) c. Cash (We always debit Cash when cash is received.) d. Accounts Receivable (When an asset such as Accounts Receivable is decreased, you credit the account.) 3. a. Credit (To increase a liability you credit the liability account.) b. Debit (Cash and other assets are debited to increase their balances.) c. Debit (Since land is an asset, you debit the account to increase its balance.) d. Credit (As with any liability account, you credit the account to increase its balance.) e. Debit (Accounts Receivable is an asset and a debit will increase an asset account.) f. Credit (Mary Smith, Capital is an owner equity account with a normal balance of credit. Hence you credit the account to increase its balance.) A+ Ask Expert Tutors
9:42 ..l ? 0 69 FABM1-QUIZ2 - Saved FABM1 – QUIZ#2- 5/14/2021 (Kindly send your answer on my messenger account LILIBETH T. BAYABAN not later than 6pm tonight) TEST 1: 1. To increase the balance in the following accounts, would you debit the account or would you credit the account? a. Accounts Payable b. Cash c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital 9. Supplies h. Supplies Expense Prepaid Insurance i. j. Service Revenue k. Mary Smith, Drawing I. Equipment m. Unearned Revenue n. Furniture and fixtures o. Interest Expense 2. To decrease the balance in the following accounts, would you debit the account or would you credit the account? a. Accounts Payable b. Cash c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital g. Supplies h. Supplies Expense Prepaid Insurance j. Service Revenue k. Mary Smith, Drawing I. Equipment m. Unearned Revenue n. Furniture and fixtures o. Interest Expense 3. What is the normal balance of the following accounts, is it debit or credit? a. Accounts Payable b. Cash c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital 9. Supplies h. Supplies Expense į. Prepaid Insurance j. Service Revenue k. Mary Smith, Drawing I. Equipment m. Unearned Revenue n. Furniture and fixtures o. Interest Expense TEST II: 1. A business pays a supplier 10,000 in cash, which account does it credit? b. Cash a. Accounts payable 2. A business buys new plant and machinery from a supplier who gives 30 days credit. Which account should the business debit? a. Plant and Machinery b. Cash 3. Cash is introduced to a business by the owner as equity. Which account does the credit entry go to? a. Loan account b. Capital account 4. A friend of the owner lends the business 20,000. Which account is credit entry made to? a. Cash b. Loans ...
Transcribed Image Text:9:42 ..l ? 0 69 FABM1-QUIZ2 - Saved FABM1 – QUIZ#2- 5/14/2021 (Kindly send your answer on my messenger account LILIBETH T. BAYABAN not later than 6pm tonight) TEST 1: 1. To increase the balance in the following accounts, would you debit the account or would you credit the account? a. Accounts Payable b. Cash c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital 9. Supplies h. Supplies Expense Prepaid Insurance i. j. Service Revenue k. Mary Smith, Drawing I. Equipment m. Unearned Revenue n. Furniture and fixtures o. Interest Expense 2. To decrease the balance in the following accounts, would you debit the account or would you credit the account? a. Accounts Payable b. Cash c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital g. Supplies h. Supplies Expense Prepaid Insurance j. Service Revenue k. Mary Smith, Drawing I. Equipment m. Unearned Revenue n. Furniture and fixtures o. Interest Expense 3. What is the normal balance of the following accounts, is it debit or credit? a. Accounts Payable b. Cash c. Land d. Notes Payable e. Accounts Receivable f. Mary Smith, Capital 9. Supplies h. Supplies Expense į. Prepaid Insurance j. Service Revenue k. Mary Smith, Drawing I. Equipment m. Unearned Revenue n. Furniture and fixtures o. Interest Expense TEST II: 1. A business pays a supplier 10,000 in cash, which account does it credit? b. Cash a. Accounts payable 2. A business buys new plant and machinery from a supplier who gives 30 days credit. Which account should the business debit? a. Plant and Machinery b. Cash 3. Cash is introduced to a business by the owner as equity. Which account does the credit entry go to? a. Loan account b. Capital account 4. A friend of the owner lends the business 20,000. Which account is credit entry made to? a. Cash b. Loans ...
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