Chapter Three: Journal Transactions 4. HOThe Insurance Company received $1,241 in cash for services performed. Debit/ Credit Account Effect on Account Assets. Liebiliky Cash oincrease decrease Service Fees decrease increase CR beesribiug neamo0 sonsiuenl er S bnel to DB Account nelaye 1etugmoo InugooA no Josit fibe1 mateye 19tuqmo nou ease веветоеb bnsJ The Insurance Company performed services.on credit for $10,000. 5. Debit/ Credit Effect on Account A Account Credit Assotı decrease increase Accounts Receivable decrease increase Service Fees CR DB Account 38.22 eooyoignme wen nierit bisq negmoo sonsuonl ar tou loucpoA no toalE oanoqx3 aogaW gaW pasSIoni The Insurance Company accrued $4,000 in interest on a bond payable. 6. Debit/ Credit Effect on Account

Chapter Three: Journal Transactions 4. HOThe Insurance Company received $1,241 in cash for services performed. Debit/ Credit Account Effect on Account Assets. Liebiliky Cash oincrease decrease Service Fees decrease increase CR beesribiug neamo0 sonsiuenl er S bnel to DB Account nelaye 1etugmoo InugooA no Josit fibe1 mateye 19tuqmo nou ease веветоеb bnsJ The Insurance Company performed services.on credit for $10,000. 5. Debit/ Credit Effect on Account A Account Credit Assotı decrease increase Accounts Receivable decrease increase Service Fees CR DB Account 38.22 eooyoignme wen nierit bisq negmoo sonsuonl ar tou loucpoA no toalE oanoqx3 aogaW gaW pasSIoni The Insurance Company accrued $4,000 in interest on a bond payable. 6. Debit/ Credit Effect on Account

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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Question

Im having trouble understanding debits and credits, in what situations do I decide to debit something versus crediting. Im struggling eith this specifically.

Chapter Three: Journal Transactions
4.
HOThe Insurance Company received $1,241 in cash for services performed.
Debit/ Credit
Account
Effect on Account
Assets.
Liebiliky
Cash
oincrease
decrease
Service Fees
decrease
increase
CR
beesribiug neamo0 sonsiuenl er S
bnel to
DB
Account
nelaye 1etugmoo
InugooA no Josit
fibe1
mateye 19tuqmo
nou
ease
веветоеb
bnsJ
The Insurance Company performed services.on credit for $10,000.
5.
Debit/ Credit
Effect on Account A
Account
Credit
Assotı
decrease
increase
Accounts Receivable
decrease
increase
Service Fees
CR
DB
Account
38.22 eooyoignme wen nierit bisq negmoo sonsuonl ar
tou
loucpoA no toalE
oanoqx3 aogaW
gaW
pasSIoni
The Insurance Company accrued $4,000 in interest on a bond payable.
6.
Debit/ Credit
Effect on Account

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