Posted by Christi on Wednesday, March 19, 2008 at 2:15pm.
I am so lost in this the book does not make sence, I think i did them right what do you think?
QS 2-4
Analyzing debit or credit by account
Identify whether a debit or credit yields the indicated change for each of the following accounts:
a. To increase Store Equipment debit b. To increase Owner Withdrawals debit c. To decrease Cash debit d. To increase Utilities Expense e. To increase Fees Earned credit f. To decrease Unearned Revenue credit g. To decrease Prepaid Insurance debit h. To increase Notes Payable debit i. To decrease Accounts Receivable credit j. To increase Owner Capital credit
QS 2-5
Identifying normal balance
Identify whether the normal balances (in parentheses) assigned to the following accounts are correct or incorrect.
a. Office supplies (Debit) correct b. Owner Withdrawals (Credit) incorrect c. Fees Earned (Debit) incorrect d. Wages Expense (Credit) e. Cash (Debit) correct f. Prepaid Insurance (Credit) incorrect g. Wages Payable (Credit) incorrect h. Building (Debit) correct
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