Questions from College Accounting

Q: Complete the following statements using either “debit” or “credit

Complete the following statements using either “debit” or “credit”: (a) The asset account Prepaid Insurance is increased with a _________. (b) The owner’s drawing account is increased with a _________...

Q: Roberto Alvarez began a business called Roberto’s Fix-It Shop.

Roberto Alvarez began a business called Roberto’s Fix-It Shop. 1. Create T accounts for Cash; Supplies; Roberto Alvarez, Capital; and Utilities Expense. Identify the following transactions by letter a...

Q: Indicate the normal balance (debit or credit) for each of

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

Q: George Atlas started a business on June 1, 20--. Analyze

George Atlas started a business on June 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 th...

Q: Foot and balance the T accounts prepared in Exercise 3-5B

Foot and balance the T accounts prepared in Exercise 3-5B if necessary. Exercise 3-5B: George Atlas started a business on June 1, 20--. Analyze the following transactions for the first month of busi...

Q: Nicole Lawrence opened a business called Nickie’s Neat Ideas in January 20

Nicole Lawrence opened a business called Nickie’s Neat Ideas in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furni...

Q: Based on the transactions recorded in Exercise 3-7B, prepare

Based on the transactions recorded in Exercise 3-7B, prepare a trial balance for Nickie’s Neat Ideas as of January 31, 20--.

Q: The following accounts have normal balances. Prepare a trial balance for

The following accounts have normal balances. Prepare a trial balance for Betty’s Cleaning Service as of September 30, 20--.

Q: List the 10 steps in the accounting cycle.

List the 10 steps in the accounting cycle.

Q: what type of information is found on each of the following source

what type of information is found on each of the following source documents? 1. Cash register tape 2. Sales ticket (issued to customer) 3. Purchase invoice (received from supplier or vendor) 4. Check...