Exercise 3-2A Debit and Credit Analysis Complete the following statements using
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Question
Exercise 3-2A
Debit and Credit Analysis
Complete the following statements using either "debit" or "credit":
a. The cash account is increased with a
_________________
b. The owner's capital account is increased with a
_________________
c. The delivery equipment account is increased with a
_________________
d. The cash account is decreased with a
_________________
e. The liability account Accounts Payable is increased with a
_________________
f. The revenue account Delivery Fees is increased with a
_________________
g. The asset account Accounts Receivable is increased with a
_________________
h. The rent expense account is increased with a
_________________
i. The owner's drawing account is increased with a
_________________
2.
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Exercise 3-5A
Transaction Analysis
Linda Kipp started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side.
Invested cash in the business, $5,000.
Bought equipment for cash, $700.
Bought equipment on account, $600.
Paid cash on account for equipment purchased in transaction (c), $400.
Withdrew cash for personal use, $900.
Cash
_________________
_________________
_________________
_________________
_________________
_________________
_________________
_________________
Equipment
_________________
_________________
_________________
_________________
Accounts Payable
_________________
_________________
_________________
_________________
Linda Kipp, Capital
_________________
_________________
Linda Kipp, Drawing
_________________
_________________
3.
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Exercise 3-6A
Foot and Balance T Accounts
Linda Kipp started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Each T account is labeled with the title of the account affected. Place the transaction letter and the dollar amount on the debit or credit side. Foot and balance the T accounts prepared.
Invested cash in the business, $5,000.
Bought equipment for cash, $700.
Bought equipment on account, $600.
Paid cash on account for equipment purchased in transaction (c), $400.
Withdrew cash for personal use, $900.
Cash
_________________
_________________
_________________
_________________
_________________
_________________
_________________
_________________
_________________
Bal.
_________________
Equipment
_________________
_________________
_________________
_________________
Bal.
_________________
Accounts Payable
_________________
_________________
_________________
_________________
Bal.
_________________
Linda Kipp, Capital
_________________
_________________
Linda Kipp, Drawing
_________________
_________________
4.
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Exercise 3-9A
Trial Balance
The following accounts have normal balances.
Prepare a trial balance for Kenny's Lawn Service as of September 30, 20--. List the accounts in the order of Assets, Liabilities, Owner's equity, Revenue, and Expenses. If an amount box does not require an entry, leave it blank.
Kenny's Lawn Service
Trial Balance
September 30, 20--
Account
Debit Balance
Credit Balance
5.
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Exercise 3-10A
Income Statement
Provided below is a trial balance for Juanita's Delivery Service.
Prepare an income statement for Juanita's Delivery Service for the month ended September 30, 20--.
Juanita's Delivery Service
Income Statement
For Month Ended September 30, 20--
$
$
Total expenses
$
Exercise 3-2A
Debit and Credit Analysis
Complete the following statements using either "debit" or "credit":
a. The cash account is increased with a
_________________
b. The owner's capital account is increased with a
_________________
c. The delivery equipment account is increased with a
_________________
d. The cash account is decreased with a
_________________
e. The liability account Accounts Payable is increased with a
_________________
f. The revenue account Delivery Fees is increased with a
_________________
g. The asset account Accounts Receivable is increased with a
_________________
h. The rent expense account is increased with a
_________________
i. The owner's drawing account is increased with a
_________________
Explanation / Answer
As per Chegg guidelines we answer one question per post Particulars Debit/Credit Comments a. The cash account is increased with a Debit Since asset and expenses increase with debit and decrease with credit b. The owner's capital account is increased with a Credit Since Liability and income increase with a credit and decrease with debit c. The delivery equipment account is increased with a Debit Since asset and expenses increase with debit and decrease with credit d. The cash account is decreased with a Credit Since asset and expenses increase with debit and decrease with credit e. The liability account Accounts Payable is increased with a Credit Since Liability and income increase with a credit and decrease with debit f. The revenue account Delivery Fees is increased with a Credit Since Liability and income increase with a credit and decrease with debit g. The asset account Accounts Receivable is increased with a Debit Since asset and expenses increase with debit and decrease with credit h. The rent expense account is increased with a Debit Since asset and expenses increase with debit and decrease with credit i. The owner's drawing account is increased with a Debit Since asset and expenses increase with debit and decrease with credit
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