Questions from General Accounting

Q: Indicate whether a debit or credit decreases the normal balance of each

Indicate whether a debit or credit decreases the normal balance of each of the following accounts. a. Interest Payable b. Service Revenue c. Salaries Expense d. Accounts Receivable e. Owner, Capit...

Q: Identify which accounting principle or assumption best describes each of the following

Identify which accounting principle or assumption best describes each of the following practices: a. In December 2014, Chavez Landscaping received a customer’s order and cash prepayment to install sod...

Q: Identify whether a debit or credit yields the indicated change for each

Identify whether a debit or credit yields the indicated change for each of the following accounts. a. To increase Land b. To decrease Cash c. To increase Fees Earned (Revenues) d. To increase Offic...

Q: Classify each of the following accounts as an asset (A),

Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a. Cash b. Prepaid Rent c. Office Supplies d. Prepaid Insurance e. Office Equipment f. Owner, Capit...

Q: Indicate the financial statement on which each of the following items appears

Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of owner’s equity, and B for balance sheet. a. Services Revenue b. Interest...

Q: What is the purpose of accounting in society?

What is the purpose of accounting in society?

Q: Identify how each of the following separate transactions affects financial statements.

Identify how each of the following separate transactions affects financial statements. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. F...

Q: Identify how each of the following separate transactions affects financial statements.

Identify how each of the following separate transactions affects financial statements. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. F...

Q: The following financial statement information is from five separate companies:

The following financial statement information is from five separate companies: Required 1. Answer the following questions about Company A: a. What is the amount of equity on December 31, 2014? b. Wh...

Q: The following financial statement information is from five separate companies.

The following financial statement information is from five separate companies. Required 1. Answer the following questions about Company V: a. What is the amount of equity on December 31, 2014? b. Wh...