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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

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
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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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,
Transcribed Image Text: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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