Homework Help: finance

Posted by student acc on Tuesday, October 30, 2007 at 9:03pm.

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 - Writeacher, Tuesday, October 30, 2007 at 9:12pm
Any "revenue" is credit, right?

And any "payable" is debit??

??
- finance - student acc, Tuesday, October 30, 2007 at 9:52pm
  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 - Writeacher, Tuesday, October 30, 2007 at 9:58pm
Corrections look good.

=)
- finance - student acc, Tuesday, October 30, 2007 at 10:03pm
  does it look okay the rest of my answers or i am completely off track
- finance - student acc, Tuesday, October 30, 2007 at 10:24pm
  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 - Writeacher, Wednesday, October 31, 2007 at 7:49am
"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 - Nathan, Thursday, November 1, 2007 at 2:21am
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)
finance - Excellent Tutor, Thursday, June 10, 2010 at 1:16am
100% Correct, A+ Answer. Impress your instructor.

Download the complete answer from following link
w ww.tinyurl. com/creditsdebits

Enjoy
finance - Excellent Tutor, Thursday, June 10, 2010 at 1:17am
100% Correct, A+ Answer. Impress your instructor.

Download the complete answer from following link
w ww.tinyurl. com/creditsdebits

Enjoy

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