Under a double-entry system, show how the entry in each statement is entered in
ID: 2330842 • Letter: U
Question
Under a double-entry system, show how the entry in each statement is entered in the ledger by
using debit or credit to indicate the increase or decrease in the affected account.
Debit or Credit
1.
An increase in Salaries and Wages Payable.
___________________
2.
A decrease in Accounts Receibable.
___________________
3.
An decrease in Prepaid Insurance.
___________________
4.
An decrease in Owner's Capital.
___________________
5.
A increase in Office Supplies.
___________________
6.
An increase in Owner's Drawings.
___________________
7.
An increase in Service Revenue.
___________________
8.
A increase in Accounts Payable.
___________________
9.
An increase in Rent Expense.
___________________
10.
A decrease in Store Equipment.
___________________
11. An Increase in Cash
___________________
12. An decrease in Retained Earnings
___________________
13. A decrease in Unearned Revenue
___________________
14. A increase in Notes Receivable
___________________
15. An increase in Sales Tax Payable
___________________
16. An increase in Travel Expense
___________________
17. An increase in Common Stock
___________________
18. An increase in Merchandise Invedntory
___________________
19. A increase in Stock Investments
___________________
20. An decrease in Dividends Payable
___________________
Explanation / Answer
Solution :
1. An increase in Salaries and Wages Payable - Credit
2. A decrease in Accounts Receibable - Credit
3. An decrease in Prepaid Insurance - Credit
4. An decrease in Owner's Capital - Debit
5. A increase in Office Supplies - Debit
6. An increase in Owner's Drawings - Debit
7. An increase in Service Revenue - Credit
8. A increase in Accounts Payable - Credit
9. An increase in Rent Expense - Debit
10. A decrease in Store Equipment - Credit
11. An Increase in Cash - Debit
12. An decrease in Retained Earnings - Debit
13. A decrease in Unearned Revenue - Debit
14. A increase in Notes Receivable - Debit
15. An increase in Sales Tax Payable - Credit
16. An increase in Travel Expense - debit
17. An increase in Common Stock - Credit
18. An increase in Merchandise Invedntory - Debit
19. A increase in Stock Investments - Debit
20. An decrease in Dividends Payable - Debit
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