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March 25, 2017

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can someone correct these for me when you have a few minutes i'll appreciate any help thankyou.my answers are in parenthesis thanks again.

Indicate whether a debit or credit decreases the normal balance of each of the following accounts:
a. Office Supplies (debit)
b. Repair Services Revenue (credit)
c. Interest Payable (credit)
d. Accounts Receivable (credit)
e. Salaries Expense (debit)
f. Owner Capital (credit)
g. Prepaid Insurance (debit)
h. Buildings (debit)
i. Interest Revenue (debit)
j. Owner Withdrawals (credit)
k. Unearned Revenue (debit)
l. Accounts Payable (credit)

  • finance - ,

    Any "revenue" is credit, right?

    And any "payable" is debit??

    ??

  • finance - ,

    i change letters:

    c,i,k,&L are the rest correct.

    Indicate whether a debit or credit decreases the normal balance of each of the following accounts:
    a. Office Supplies (debit)
    b. Repair Services Revenue (credit)
    c. Interest Payable (credit) this is debit
    d. Accounts Receivable (credit)
    e. Salaries Expense (debit)
    f. Owner Capital (credit)
    g. Prepaid Insurance (debit)
    h. Buildings (debit)
    i. Interest Revenue (debit) then this is credit
    j. Owner Withdrawals (credit)
    k. Unearned Revenue (debit) then this is credit
    l. Accounts Payable (credit)this is debit

  • finance - ,

    Corrections look good.

    =)

  • finance - ,

    does it look okay the rest of my answers or i am completely off track

  • finance - ,

    would the following be correct

    1. fees earned be debit
    2. wages expenses be credit
    3. cash would be debit
    4. wages payable credit

  • finance - ,

    "earned" = income = credit

    "expenses" and "payable" = outgo = debit

    I am not sure how you'd list cash unless you mean cash that is paid to the company, in which case it's credit. If it's just there -- not being paid out or paid in -- I'm not sure, but it's definitely not debit!

  • finance - ,

    Umm, most of these look wrong to me. Assets and Expenses are decreased with credits, while Liabilities and Revenue is decreased with debits.

    a. Office Supplies (credit)
    b. Repair Services Revenue (debit)
    c. Interest Payable (debit)
    d. Accounts Receivable (debit)
    e. Salaries Expense (c)
    f. Owner Capital (d)
    g. Prepaid Insurance (c)
    h. Buildings (c)
    i. Interest Revenue (d)
    j. Owner Withdrawals (c)
    k. Unearned Revenue (d)
    l. Accounts Payable (d)

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