Identifying increases and decreases in accounts and normal balancesInsert the missing information into the accounting equation. Signify increases as Incr. and decreases as Decr. (a)LIABILITIES(b)ContributedCapitalRetained Earnings(c)(f)CreditASSETS+ Common Stock(d)RevenuesExpenses(m)Incr.(r)Credit(e)Decr.Decr.(o)(h)Credit()CreditDebit(n)(g)(i)(k)Debit(1)Credit(p)(q)

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Description: Identifying increases and decreases in accounts and normal balancesInsert the missing information into the accounting equation. Signify increases as Incr. and decreases as Decr. (a)LIABILITIES(b)ContributedCapitalRetained Earnings(c)(f)CreditASSETS+

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Accounting

(a) LIABILITIES (b) Contributed Capital Retained Earnings (c) (f) Credit ASSETS + Common Stock (d) Revenues Expenses (m) Incr. (r) Credit (e) Decr. Decr. (o) (h) Credit () Credit Debit (n) (g) (i) (k) Debit (1) Credit (p) (q)

(a) LIABILITIES (b) Contributed Capital Retained Earnings (c) (f) Credit ASSETS + Common Stock (d) Revenues Expenses (m) Incr. (r) Credit (e) Decr. Decr. (o) (h) Credit () Credit Debit (n) (g) (i) (k) Debit (1) Credit (p) (q)

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Identifying increases and decreases in accounts and normal balances

Insert the missing information into the accounting equation. Signify increases as Incr. and decreases as Decr.

(a)
LIABILITIES
(b)
Contributed
Capital
Retained Earnings
(c)
(f)
Credit
ASSETS
+ Common Stock
(d)
Revenues
Expenses
(m)
Incr.
(r)
Credit
(e)
Decr.
Decr.
(o)
(h)
Credit
()
Credit
Debit
(n)
(g)
(i)
(k)
Debit
(1)
Credit
(p)
(q)

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