Directions: Complete the table below. The first item has been done for you. Decreased by Classification Normal Increased by List of Accounts (Debit Credit) Balance (Debit/ (Asset, Liabilities, Owner's Equity (Debit/ Credit) Credit) Revenue, Expense) Debit Credit Cash Asset Debit 21 Freight In 22 Salaries Expense 23 Supplies Expense 24 Utilities Expense 25 Communication Expense 26 Travel Expense 27 Rent Expense 28 Insurance Expense 29 Advertising Expense 30 Delivery Expense

Directions: Complete the table below. The first item has been done for you. Decreased by Classification Normal Increased by List of Accounts (Debit Credit) Balance (Debit/ (Asset, Liabilities, Owner's Equity (Debit/ Credit) Credit) Revenue, Expense) Debit Credit Cash Asset Debit 21 Freight In 22 Salaries Expense 23 Supplies Expense 24 Utilities Expense 25 Communication Expense 26 Travel Expense 27 Rent Expense 28 Insurance Expense 29 Advertising Expense 30 Delivery Expense

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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Directions: Complete the table by identifying whether the normal account balance falls under debit or credit. Write D for debit and C for credit on a separat sheet of paper. Normal Account Balance 1. Assets 2. Liabilities 3. Owner's Equity 4. Income 5. Expenses
For each of the following accounts, indicate whether we use a debit or a credit to decrease the balance of the account. a. Cash. b. Salaries Payable. c. Utilities Expense. d. Service Revenue.
Listed below are the transactions of Joseph Moore, D.D.S., for the month of September. Sept. 1 2 4 4 5 8 10 14 18 19 20 25 30 30 Moore begins practice as a dentist, invests $20,030 cash and issues 2,003 shares of $10 par stock. Purchases dental equipment on account from Green Jacket Co. for $17,820. Pays rent for office space, $690 for the month. Employs a receptionist, Michael Bradley. Purchases dental supplies for cash, $900. Receives cash of $1,770 from patients for services performed. Pays miscellaneous office expenses, $420. Bills patients $5,950 for services performed. Pays Green Jacket Co. on account, $3,760. Pays a dividend of $3,090 cash. Receives $1,060 from patients on account. Bills patients $1,980 for services performed. Pays the following expenses in cash: Salaries and wages $1,700; miscellaneous office expenses $83. Dental supplies used during September, $320. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.
For each of the following accounts, indicate whether we use a debit or a credit to increase the balance of the account. a. Cash. b. Salaries Payable. c. Utilities Expense. d. Service Revenue.
Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 Required A 03 0% 3% 3% View transaction liet G2 Required B Transaction 2 Debit B Debit Record entry Debit Note: Enter debits before credits. Debit Journal entry worksheet Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. Account Number 318 Credit Balance Date 81,000 May 31 Number 319 Insurance Expense Balance 47.000 Account Credit Record the entry to close experise accounts. General Ledger Clear entry May 31 Account Number 403 Rent Expense Balance Date 142, 722 May 31 Income Summary Account Number 603 Credit Balance 21,000 Salarics Expense General Journal Date Debit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from…
Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the owner's equity statement (OES), or the Balance Sheet (BS). Insurance Expense [ Select] [ Select ] OES Accounts Receivabl BS IS Notes Payable [ Select] >
2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00
Multiple choice 1. Net loss is entered onto which column (s) of a worksheet? A. Income statement credit and balance sheet debit B. Income statement credit and balance sheet credit C. Adjusted trial balance credit and income statement credit D. Income statement debit and balance sheet credit 2. Which of the following are all temporary accounts? A. Liabilities, revenues and expenses B. Revenues, expeneses and withdrawals C. Revenues, expenses and capital D. Assets, revenues and withdrawals
7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account register 8. Which accounts in the Chart of Accounts CANNOT be deleted? A. Accounts added by other users B. Preset accounts or those linked to other features C. Asset accounts D. All of them 9. What type of account is a credit card account? A. Asset B. Liability C. Equity D. Revenue
Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" and the dollar amount in the column or columns. For decreases, place a"- and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total essets, total abilities, and total equity For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from Snancing activities. Transaction 1. Owner invest $300 cash in business in exchange for vock 2 Rives $700 cash for services provided 3 Pays $500 cash for employee wages & Buys $100 of equipment on cred 5 Purchases $200 af supplies on credit &…