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[DOC File]Accounting Equation:
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Account Debit Credit Interest Expense $ 10,000 Interest Payable $ 10,000 Item 3: The company has satisfied 50% of the obligations, so it can recognize revenue of $4,500 (50% of $10,000). Account Debit Credit Unearned Revenue $ 4,500 Subscription Revenue $ 4,500 Item 4: Utilities expense of $2,000 must be recognized now.
equity account debit or credit

[DOC File]CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND …
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General Journal Page 1 Date Account Title P.R. Debit Credit 20-- Adjusting Entries Dec. 31 Rent Receivable 1,200.00 Rent Income 1,200.00 Post to the General Ledger where the Rent Receivable will be shown under the current asset section on the Balance Sheet and Rent Income account will be closed and its balance listed as nonoperating revenue on ...
sales account debit or credit

[DOC File]CHAPTER 2: ACCOUNTING FOR TRANSACTIONS
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See whether a debit (or credit) balance is mistakenly listed in the trial balance as a credit (or debit). CLUE: when the difference between total debits and total credits equals twice the amount of the incorrect account balance. Recompute each account balance in the ledger. Verify that each journal entry is …
capital account credit or debit

[DOC File]Accounting Basics - StarChapter
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Left side = debit Right side = credit. Because the entry forms a ‘T’! How do you increase or decrease an account balance? Asset or Expense Account Debit = increases. Credit = decreases. Liability or Revenue Account Debit = decreases. Credit = increases. Accounting Formulas. ALE. Assets – Liabilities = Equity . REN. Revenue – Expenses ...
income accounts debit or credit

[DOC File]Chart of Normal Account Balances
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Account Type Normal Balance. Asset Debit. Liability Credit. Shareholders Equity Credit. Revenue Credit. Expense Debit. Income Distributed Debit. Contributed Capital Credit. Option 3: Debit (All Vowels) Assets, Income Distributed, Expenses . Credit (All Consonants) Liability, Shareholders Equity (Capital), Revenue, Contributed Capital
cash accounts debit or credit

[DOC File]Chapter 16 Accounting for Plant Assets and Depreciation
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General Journal Page 1 Date Account Title P.R Debit Credit 20-- Adjusting Entries Dec 31 Depreciation Expense—name of asset 1,000.00 Accumulated Depreciation—name of asset 1,000.00 The depreciation expense is reported on the income statement and accumulated depreciation is reported as a deduction from plant assets on the balance sheet.
fixed assets debit or credit

[DOC File]FA Chapter 2 SM
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The debit column is correctly stated because the erroneous debit (to Accounts Payable) is deducted from an account with a (larger assumed) credit balance. b. The credit column is understated by $37,900 because Accounts Payable was debited — it should have been credited.
revenue accounts debit or credit

[DOC File]What are debits and credits
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Aug 30, 2009 · Whether a debit or a credit increases or decreases an account balance depends on the type of account. Asset and expense accounts are increased on the debit side, and liability, equity, and revenue accounts are increased on the credit side. It is just necessary to remember one thing.
is an asset a debit or credit

[DOC File]SUMMARY OF ACCOUNTING BASICS
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term liability Credit Balance sheet Work In Process Current asset Debit Balance sheet The Basics. 1. Accounting Equation: Assets = Liabilities + Owner’s Equity. 2. T Account: Account Title. Left Side. debit Right Side. credit 3. Rules of Debit and Credit: Balance Sheet Accounts ASSETS. Asset Accounts LIABILITIES. Liability Accounts Debit. for ...
equity account debit or credit

[DOC File]DEBITS & CREDITS
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An entry on the right side of an account. Debit Credit. 2. Will increase an asset account. Debit Credit. 3. Will decrease the balance in Accounts Payable. Debit Credit. 4. A general journal entry will have this listed first. Debit Credit. 5. The normal balance for Rent Expense.
sales account debit or credit

Asset account debit or credit