Problem #2whetner increases and decreases in the accounts are represented by a debit or creditentry. For example:Complete the following table by stating the accounting element of each account, andDecreaseIncreaseDebitAccountsElementCreditSuppliesAssetg. Salaries Expenseh. Office Equipmenti. Fixtures and Fittingsj. Interest Expensek. Loans Payable1. Capitala. Service Revenuesb. WithdrawalUtilities Expensed. Rent ExpenseC.e. Cash in Bankf. Trade PayablesAccountsElementIncreaseDecreasea.Service Revenuesb.WithdrawalsUtilities ExpenseRent ExpenseС.d.е.Cash in Bankf.Trade Payablesg.Salaries Expenseh.Office Equipmenti.Fixtures andFittingsInterest Expensej.Loans PayableCapitalk.1.

All assets, expenses, and losses have a nominal debit balance. it increases by debit and decreases…

Problem #2 Complete the following table by stating the accounting element of each account, and whether increases and decreases in the accounts are represented by a debit or credit entry. For example: Decrease Increase Accounts Element Credit Debit Supplies Asset g. Salaries Expense h. Office Equipment i. Fixtures and Fittings j. Interest Expense k. Loans Payable I. Capital a. Service Revenues b. Withdrawal Utilities Expense d. Rent Expense с. e. Cash in Bank f. Trade Payables Accounts Element Increase Decrease a. Service Revenues b. Withdrawals Utilities Expense Rent Expense с. d. e. Cash in Bank f. Trade Payables g. Salaries Expense h. Office Equipment i. Fixtures and Fittings j. Interest Expense Loans Payable 1. k. Capital

Problem #2 Complete the following table by stating the accounting element of each account, and whether increases and decreases in the accounts are represented by a debit or credit entry. For example: Decrease Increase Accounts Element Credit Debit Supplies Asset g. Salaries Expense h. Office Equipment i. Fixtures and Fittings j. Interest Expense k. Loans Payable I. Capital a. Service Revenues b. Withdrawal Utilities Expense d. Rent Expense с. e. Cash in Bank f. Trade Payables Accounts Element Increase Decrease a. Service Revenues b. Withdrawals Utilities Expense Rent Expense с. d. e. Cash in Bank f. Trade Payables g. Salaries Expense h. Office Equipment i. Fixtures and Fittings j. Interest Expense Loans Payable 1. k. Capital

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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