P3.1.8 COA Debits and Crazy The following accounts are from the Mookie the Beagle concierge chart of account. For each account For each account indicate: if the account is increased by a debit credit Type of account as: asset liability equity revenue (income) expense Account Debit/Credit Account Type Checking Account Receivable Inventory Prepaid Expenses Prepaid Paid: Insurance prepaid expenses: rent prepaid expenses supplies undeposited funds accounts payable(A/P) Visa credit card unearned revenue owners distribution Owner’s investment retained earnings sales advertising and marketing bank charges and fees contractors Insurance: liability insurance expense interest paid legal and professional services office supplies and software rent and lease repairs and maintenance
P3.1.8 COA Debits and Crazy
The following accounts are from the Mookie the Beagle concierge chart of account. For each account For each account indicate:
if the account is increased by a
- debit
- credit
Type of account as:
asset
liability
equity
revenue (income)
expense
|
Account |
Debit/Credit |
Account Type |
|
Checking |
|
|
|
|
|
|
|
Inventory |
|
|
|
Prepaid Expenses |
|
|
|
Prepaid Paid: Insurance |
|
|
|
prepaid expenses: rent |
|
|
|
prepaid expenses supplies |
|
|
|
undeposited funds |
|
|
|
accounts payable(A/P) |
|
|
|
Visa credit card |
|
|
|
unearned revenue |
|
|
|
owners distribution |
|
|
|
Owner’s investment |
|
|
|
|
|
|
|
sales |
|
|
|
advertising and marketing |
|
|
|
bank charges and fees |
|
|
|
contractors |
|
|
|
Insurance: liability insurance expense |
|
|
|
interest paid |
|
|
|
legal and professional services |
|
|
|
office supplies and software |
|
|
|
rent and lease |
|
|
|
repairs and maintenance
|
|
|
|
utilities |
|
|
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
