Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
6th Edition
ISBN: 9780134486840
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.12E
Identifying accounts, increases in accounts, and normal balances
a. Interest Revenue
b. Accounts Payable
c. Common Stock
d. Office Supplies
e. Advertising Expense
f. Unearned Revenue
g. Prepaid Rent
h. Utilities Expense
i. Dividends
j. Service Revenue
Requirements
1. Identify each account as asset (A), liability (L), or equity (E).
2. Identify whether the account is increased with a debit (DR) or credit (CR).
3. Identify whether the normal balance is a debit (DR) or credit (CR).
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Which of the following best describes the classification and normal balance of the accounts receivable account?
Select one:
a. Asset, Debit
b. Liability, credit
c. Revenue, credit
d. Owner's equity, debit
TOPIC: Rules of Debit and Credit
Instruction: Identify the classification of account. And Choose the letter of the correct answer.
Questions:
1. Other Revenue a. Assetsb. Liabilitiesc. Equityd. Income e. Expense
2. Prepaid Renta. Assetsb. Liabilitiesc. Equityd. Income e. Expense
3. Allowance for Doubtful Accountsa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
4. Depreciationa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
5. Delivery Equipmenta. Assetsb. Liabilitiesc. Equityd. Income e. Expense
6. Used Shop Suppliesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
7. Utilities Expensea. Assetsb. Liabilitiesc. Equityd. Income e. Expense
8. Salaries and Wagesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
9. Beverage Inventorya. Assetsb. Liabilitiesc. Equityd. Income e. Expense
10. Uncollectible Accounta. Assetsb. Liabilitiesc. Equityd. Income e. Expense
11. Landa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
12. Accounts Receivablea. Assetsb. Liabilitiesc. Equityd.…
For each account, identify whether the normal balance is a debit or credit
a.Notes Payable
b.Dividends
c.Service Revenue
How do i figure this out?
Chapter 2 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability? a....Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 5QCCh. 2 - Prob. 6QCCh. 2 - Posting a 2,500 purchase of office supplies on...Ch. 2 - Prob. 8QCCh. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathville Laundry reported assets of 800 and...
Ch. 2 - Identify the three categories of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? Whats the difference...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - When are credits increases? When are credits...Ch. 2 - Prob. 8RQCh. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - What is the purpose of the trial balance?Ch. 2 - Prob. 15RQCh. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Consider the following...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances For each account,...Ch. 2 - Prob. 2.4SECh. 2 - S2-5 Journalizing transactions
John Daniel opened...Ch. 2 - S2-6 Journalizing transactions
Harper Sales...Ch. 2 - Prob. 2.7SECh. 2 - Prob. 2.8SECh. 2 - Prob. 2.9SECh. 2 - Using accounting vocabulary March the accounting...Ch. 2 - Creating a chart of accounts Raymond Autobody Shop...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents For each transaction,...Ch. 2 - Analyzing and journalizing transactions As the...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Prob. 2.17ECh. 2 - Use the following information to answer Exercises...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Analyzing transactions from T-accounts The first...Ch. 2 - Prob. 2.21ECh. 2 - E2-22 Preparing a trial balance
The accounts of...Ch. 2 - Prob. 2.23ECh. 2 - Prob. 2.24ECh. 2 - Prob. 2.25ECh. 2 - Prob. 2.26ECh. 2 - Prob. 2.27ECh. 2 - Prob. 2.28ECh. 2 - P2-29A Journalizing transactions, posting journal...Ch. 2 - P2-30A Journalizing transactions, posting journal...Ch. 2 - Prob. 2.31APCh. 2 - Prob. 2.32APCh. 2 - Prob. 2.33APCh. 2 - Prob. 2.34APCh. 2 - Prob. 2.35BPCh. 2 - Prob. 2.36BPCh. 2 - Prob. 2.37BPCh. 2 - Prob. 2.38BPCh. 2 - Prob. 2.39BPCh. 2 - Prob. 2.40BPCh. 2 - Prob. 2.42CPCh. 2 - Prob. 2.43PSCh. 2 - Prob. 2.1TICh. 2 - Your friend, Dean McChesney, requested that you...Ch. 2 - Prob. 2.1EICh. 2 - Roy Akins was the accounting manager at Zelco, a...Ch. 2 - Prob. 2.1FSCCh. 2 - In 35 words or fewer, explain the difference...
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- In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)arrow_forwardExplain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forwardConsider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned Revenuearrow_forward
- Normal Account Balances Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.arrow_forwardWill an accounts receivable balance increase with a debit or a credit entry? How do you know?arrow_forwardList the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side.arrow_forward
- Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payablearrow_forwardWhat types of accounts are increased with a debit?arrow_forwardFINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.arrow_forward
- Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate the normal balance (Dr for debit; Cr for credit) for each account category. Table 3.16arrow_forwardWhich set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earningsarrow_forwardNORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. Toolsarrow_forward
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