Rules of Debit and CreditDirections: Indicate whether each account identified is to be debited (Dr.) or credited (Cr.), or have no effect in accounting elements (N/E), or not accountable events (N/A). SEE EXAMPLE BELOW Debit/CreditParticularsDebit/CreditPaid rent expense1. Received bank service charge2. Accounts receivable was collected3. Accounts payable was paid4. Increase employee hiring5. Supplies expense was decreasedParticularsRetired old employees6.Onwer's drawing was increased7.Used cash of business for personal8.Witholding tax payable was paid9.Rent collected from tenant10.Hired additional employeeCr.N/AValencia & Roxas, (2014-2015) Basic Accounting, Valencia Educational Supply Publisher), Baguio City

Accounting equation of the business says that all assets of the business must be equal to total…

ules of Debit and Credit Directions: Indicate whether each account identified is to be debited (Dr.) or credited (Cr.), or have no effect in accounting elements (N/E), or not accountable events (N/A). SEE EXAMPLE BELOW

ules of Debit and Credit Directions: Indicate whether each account identified is to be debited (Dr.) or credited (Cr.), or have no effect in accounting elements (N/E), or not accountable events (N/A). SEE EXAMPLE BELOW

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

Rules of Debit and Credit

Directions: Indicate whether each account identified is to be debited (Dr.) or credited (Cr.), or have no effect in accounting elements (N/E), or not accountable events (N/A). SEE EXAMPLE BELOW

Debit/Credit
Particulars
Debit/Credit
Paid rent expense
1. Received bank service charge
2. Accounts receivable was collected
3. Accounts payable was paid
4. Increase employee hiring
5. Supplies expense was decreased
Particulars
Retired old employees
6.Onwer's drawing was increased
7.Used cash of business for personal
8.Witholding tax payable was paid
9.Rent collected from tenant
10.Hired additional employee
Cr.
N/A
Valencia & Roxas, (2014-2015) Basic Accounting, Valencia Educational Supply Publisher), Baguio City

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