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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Financial Accounting: Tools for Business Decision Making, 8th Edition
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- Explain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forwardNormal 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_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
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