
Concept explainers
(a)
Rules of Debit and Credit
Following rules are followed for debiting and crediting different accounts while they occur in business transactions:
Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and
Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.
To determine: whethereach of the following account would have debit entries only, credit entries only and/or both debit and credit entries.
(b)
To determine: whethereach of the following account would have debit entries only, credit entries only and/or both debit and credit entries.
(c)
To determine: whethereach of the following account would have debit entries only, credit entries only and/or both debit and credit entries.
(d)
To determine: whethereach of the following account would have debit entries only, credit entries only and/or both debit and credit entries.
(e)
To determine: whethereach of the following account would have debit entries only, credit entries only and/or both debit and credit entries.
(f)
To determine: whethereach of the following account would have debit entries only, credit entries only and/or both debit and credit entries.

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Chapter 3 Solutions
Financial Accounting
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