College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 3, Problem 4SEB
NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts:
- 1. Cash
- 2. Rent Expense
- 3. Notes Payable
- 4. Owner’s Drawing
- 5. Accounts Receivable
- 6. Owner’s Capital
- 7. Tools
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The income statement is drawn up from the figures in the _________________
Select one:
a. Accounts Receivable ledger
b. Accounts payable ledger
c. Trial Balance
d. Cash Flow Statement
The journal entry to record a payment on account willa. debit Accounts Payable and credit Retained Earnings.b. debit Expenses and credit Cash.c. debit Cash and credit Expenses.d. debit Accounts Payable and credit Cash.
Which of the following best describes the classification and normal balance of the accounts receivable account?
Select one:
a. Asset, Debit
b. Liability, credit
c. Revenue, credit
d. Owner's equity, debit
Chapter 3 Solutions
College Accounting, Chapters 1-27
Ch. 3 - LO3 To debit an account is to enter an amount on...Ch. 3 - Liability accounts normally have debit balances.Ch. 3 - LO3 Increases in owners equity are entered as...Ch. 3 - Prob. 4TFCh. 3 - LO3 To credit an account is to enter an amount on...Ch. 3 - LO3 A debit to an asset account will decrease it.Ch. 3 - A common example of an asset is (a) Professional...Ch. 3 - The accounting equation may be expressed as (a)...Ch. 3 - LO3 Liability, owners equity, and revenue accounts...Ch. 3 - LO4 To record the payment of rent expense, an...
Ch. 3 - Prob. 5MCCh. 3 - Foot and balance the accounts receivable T account...Ch. 3 - LO3 Complete the following questions using either...Ch. 3 - Analyze the following transaction using the T...Ch. 3 - The following accounts have normal balances....Ch. 3 - What are the three major parts of a T account?Ch. 3 - Prob. 2RQCh. 3 - What is a footing?Ch. 3 - What is the relationship between the revenue and...Ch. 3 - What is the function of the trial balance?Ch. 3 - Prob. 1SEACh. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Richard Gibbs began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp started a business...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp starred a business...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - FOOT AND BALANCE A T ACCOUNT Foot and balance the...Ch. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Roberto Alvarez began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Sue Jantz started a...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - Craig Fisher started a lawn service called Craigs...Ch. 3 - Your friend Chris Stevick started a part-time...
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- The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerarrow_forwardWhich item will appear on the credit side of ledger account? Select one: a. Rent expense b. Purchases c. Sales d. Cash receivedarrow_forwardWhich item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service revenue d. Accounts receivablearrow_forward
- 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…arrow_forwardIdentify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Note Receivable. _______ Accounts Payable.arrow_forwardAccount Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100arrow_forward
- List the accounts names for the following transaction and determine which is a debit or credit: 1. Interest on notes payable should be accrued $300arrow_forwardDirections: Write (+) if there is an increase, (-) if there is a decrease, or NE if there is no effect on the assets, liabilities and equity accounts. Write your answers on a separate sheet of paper. Liability Owner's Equity Transactions Asset 1. Invested cash in the business 2. Purchased equipmnent on a cash basis 3. Billed a customer for a spa service 4. Paid employee's salary 5. Purchased supplies on account 6. Paid an advertisement for the company's new product 7. Paid the rent in advance 8. Received cash from customers 9. Withdrew cash for some personal use 10. Invested a vehicle on the companyarrow_forwardIdentify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Note Receivablearrow_forward
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