Chapter 2 Analyzing and Recording TransactionsIdentify whether a debit or credit yields the indicated change for each of the following accounts.a. To increase Landf. To decrease Prepaid RentAnb. To decrease Cashg. To increase Notes PayablebyA1c. To increase Fees Earned (Revenues)d. To increase Office Expenseh. To decrease Accounts Receivablei. To increase Owner. Capitale. To decrease Unearned Revenuej. To increase Store EquipmentaaelA trial balance has total debits of $20,000 and total credits of $24.500. Which one of the following errorswould create this imbalance? Explain.a. A $2,250 debit to Utilities Expense in a journal entry is incorrectly posted to the ledger as a $2,250credit, leaving the Utilities Expense account with a $3,000 debit halance.b. A $4.500 debit to Salaries Expense in a journal entry is incorrectly posted to the ledger as a $4,500credit, leaving the Salaries Expense account with a $750 dehbit balance.C. A $2.250 credit to Consulting Fees Earned (Revenues) in a journal entry is incorrectly posted to theledger as a $2,250 debit, leaving the Consulting Fees Earned account with a $6,300 credit balance.d. A $2,250 debit posting to Accounts Receivable was posted mistakenly to Land.8. A $4,500 debit posting to Equipment was posted mistakenly to Cash.- An entry debiting Cash and crediting Accounts Payable for $4,500 was mistakenly not posted.icate the financial statement on which each of the following items aopears. Use I for income stalenient,

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Identify whether a debit or credit yi a. To increase Land b. To decrease Cash c. To increase Fees Earned (Reven d. To increase Office Expense e. To decrease Unearned Revenue

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

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Chapter 2 Analyzing and Recording Transactions
Identify whether a debit or credit yields the indicated change for each of the following accounts.
a. To increase Land
f. To decrease Prepaid Rent
An
b. To decrease Cash
g. To increase Notes Payable
by
A1
c. To increase Fees Earned (Revenues)
d. To increase Office Expense
h. To decrease Accounts Receivable
i. To increase Owner. Capital
e. To decrease Unearned Revenue
j. To increase Store Equipment
aael
A trial balance has total debits of $20,000 and total credits of $24.500. Which one of the following errors
would create this imbalance? Explain.
a. A $2,250 debit to Utilities Expense in a journal entry is incorrectly posted to the ledger as a $2,250
credit, leaving the Utilities Expense account with a $3,000 debit halance.
b. A $4.500 debit to Salaries Expense in a journal entry is incorrectly posted to the ledger as a $4,500
credit, leaving the Salaries Expense account with a $750 dehbit balance.
C. A $2.250 credit to Consulting Fees Earned (Revenues) in a journal entry is incorrectly posted to the
ledger as a $2,250 debit, leaving the Consulting Fees Earned account with a $6,300 credit balance.
d. A $2,250 debit posting to Accounts Receivable was posted mistakenly to Land.
8. A $4,500 debit posting to Equipment was posted mistakenly to Cash.
- An entry debiting Cash and crediting Accounts Payable for $4,500 was mistakenly not posted.
icate the financial statement on which each of the following items aopears. Use I for income stalenient,

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