Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete the table below for these accounts. The information for the first account has been entered as an example. Account Type of Account Normal Balance Increase Decrease Accounts Payable Liability Credit Credit Debit Accounts Receivable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 1 SelectCreditDebitItem 2 SelectCreditDebitItem 3 SelectCreditDebitItem 4 Accumulated Depreciation SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 5 SelectCreditDebitItem 6 SelectCreditDebitItem 7 SelectCreditDebitItem 8 Cash SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 9 SelectCreditDebitItem 10 SelectCreditDebitItem 11 SelectCreditDebitItem 12 Common Stock SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 13 SelectCreditDebitItem 14 SelectCreditDebitItem 15 SelectCreditDebitItem 16 Depreciation Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 17 SelectCreditDebitItem 18 SelectCreditDebitItem 19 SelectCreditDebitItem 20 Equipment SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 21 SelectCreditDebitItem 22 SelectCreditDebitItem 23 SelectCreditDebitItem 24 Income Taxes Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 25 SelectCreditDebitItem 26 SelectCreditDebitItem 27 SelectCreditDebitItem 28 Interest Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 29 SelectCreditDebitItem 30 SelectCreditDebitItem 31 SelectCreditDebitItem 32 Land SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 33 SelectCreditDebitItem 34 SelectCreditDebitItem 35 SelectCreditDebitItem 36 Notes Payable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 37 SelectCreditDebitItem 38 SelectCreditDebitItem 39 SelectCreditDebitItem 40 Prepaid Rent SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 41 SelectCreditDebitItem 42 SelectCreditDebitItem 43 SelectCreditDebitItem 44 Retained Earnings SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 45 SelectCreditDebitItem 46 SelectCreditDebitItem 47 SelectCreditDebitItem 48 Salaries Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 49 SelectCreditDebitItem 50 SelectCreditDebitItem 51 SelectCreditDebitItem 52 Service Revenue SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 53 SelectCreditDebitItem 54 SelectCreditDebitItem 55 SelectCreditDebitItem 56 Supplies

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7QY: The schedule of accounts payable lists each creditors account balance, and the total equals the...
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Debit and Credit Procedures

A list of accounts for Montgomery Inc. appears below.

Required:

Complete the table below for these accounts. The information for the first account has been entered as an example.

Account Type of Account Normal Balance Increase Decrease
Accounts Payable Liability Credit Credit Debit
Accounts Receivable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 1 SelectCreditDebitItem 2 SelectCreditDebitItem 3 SelectCreditDebitItem 4
Accumulated Depreciation SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 5 SelectCreditDebitItem 6 SelectCreditDebitItem 7 SelectCreditDebitItem 8
Cash SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 9 SelectCreditDebitItem 10 SelectCreditDebitItem 11 SelectCreditDebitItem 12
Common Stock SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 13 SelectCreditDebitItem 14 SelectCreditDebitItem 15 SelectCreditDebitItem 16
Depreciation Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 17 SelectCreditDebitItem 18 SelectCreditDebitItem 19 SelectCreditDebitItem 20
Equipment SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 21 SelectCreditDebitItem 22 SelectCreditDebitItem 23 SelectCreditDebitItem 24
Income Taxes Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 25 SelectCreditDebitItem 26 SelectCreditDebitItem 27 SelectCreditDebitItem 28
Interest Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 29 SelectCreditDebitItem 30 SelectCreditDebitItem 31 SelectCreditDebitItem 32
Land SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 33 SelectCreditDebitItem 34 SelectCreditDebitItem 35 SelectCreditDebitItem 36
Notes Payable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 37 SelectCreditDebitItem 38 SelectCreditDebitItem 39 SelectCreditDebitItem 40
Prepaid Rent SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 41 SelectCreditDebitItem 42 SelectCreditDebitItem 43 SelectCreditDebitItem 44
Retained Earnings SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 45 SelectCreditDebitItem 46 SelectCreditDebitItem 47 SelectCreditDebitItem 48
Salaries Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 49 SelectCreditDebitItem 50 SelectCreditDebitItem 51 SelectCreditDebitItem 52
Service Revenue SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 53 SelectCreditDebitItem 54 SelectCreditDebitItem 55 SelectCreditDebitItem 56
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