FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
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Question
Chapter 2, Problem 4QS
To determine
Concept Introduction:
Account balance: The difference between the total debit and total credit of an account, is the account balance. When the total debit is more than the total credit, the account would have a debit balance with the amount equal to the excess of the debit balance over the credit balance, it would have a credit balance when the sum of credit exceeds the debit balance.
The normal balance of the given accounts.
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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…
Give what is required, For the Classification: (Classify the account if it is current/noncurrent asset; current/non-current liabilities; equity; revenue or expense); For the normal balance (answer whether the normal balance is a debit or credit) For the presentation (Classify whether a balance sheet or an income statement account).
ACCOUNT
CLASSIFICATION
NORMAL BALANCE
PRESENTATION
OWNER’S DRAWING
PETTY CASH FUND
ACCOUNTS RECEIVABLE
NOTES RECEIVABLE (6 MOS.)
NOTES PAYABLE (2 YEARS)
INTEREST EXPENSE
BONDS PAYABLE
UNEARNED INCOME
ACCRUED EXPENSE
PREPAID EXPENSE
SUPPLIES
COST OF GOOD SOLDS
MERCHANDISE INVENTORY, END
MERCHANDISE INVENTORY, BEG
PATENT
GOODWILL
ADVANCES FROM CUSTOMERS
ADVANCES TO SUPPLIERS…
Account Titles and Explanation
(To record sales on account)
(To record collection of accounts receivable)
Debit
Credit
100
Chapter 2 Solutions
FINANCIAL+MANAG.ACCT.
Ch. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 2-1 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-20 Identifying effects of posting...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Problem 2-2A Preparing and posting journal...Ch. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 1.1AACh. 2 - Prob. 1.2AACh. 2 - Prob. 1.3AACh. 2 - Prob. 1.4AACh. 2 - Prob. 2.1AACh. 2 - Prob. 2.2AACh. 2 - Prob. 2.3AACh. 2 - Prob. 3.1AACh. 2 - Prob. 3.2AACh. 2 - Prob. 3.3AACh. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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