9th Edition

ISBN: 9781260216141

Author: SPICELAND

Publisher: MCG CUSTOM

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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.

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Textbook Question

Chapter 2, Problem 2.6E

Debits and credits

• LO2–2

Indicate whether a debit will increase (I) or decrease (D) each of the following accounts listed in items 1 through 15

Increase (I) or Decrease (D)	Account
1. _____	Inventory
2. _____	Depreciation expense
3. _____	Accounts payable
4. _____	Prepaid rent
5. _____	Sales revenue
6. _____	Common stock
7. _____	Salaries and wages payable
8. _____	Cost of goods sold
9. _____	Utility expense
10. _____	Equipment
11. _____	Accounts receivable
12. _____	Utilities payable
13. _____	Rent expense
14. _____	Interest expense
15. _____	Interest revenue

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Chapter 2, Problem 2.5E

Chapter 2, Problem 2.7E

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Chapter 2 Solutions

INTERMEDIATE ACCOUNTING(LL)-W/CONNECT

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Solution Summary: The author explains the rules of debiting and crediting, stating that an increase in asset, expense, liability, and revenue accounts should be debited.

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