Question

In a capital account, explain which side (debit or credit) will decrease and which side will...

In a capital account, explain which side (debit or credit) will decrease and which side will increase.  Provide an example (just make one up) of a transaction with a T-account for each side of the transaction showing which type of accounts will receive the debit and credit (e.g., asset, cash, accounts payable, equipment, revenue, etc.).

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the...
Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the Account? Amount? July 2 Received $14,000 (cash) contribution from Brett Lawrence, owner, in exchange for capital. Tell me what happen to the business today in your own words? Example: The business got cash from the owner. Cash Asset Increasing Debit $          12,000 London, Capital Capital Increasing Credit $          12,000 July 4 Paid (cash) for utilities expense of $370. July 5 Purchased equipment on account,...
Gadgets, Inc. purchased equipment for resale on account for $32,000. Which option describes the correct way...
Gadgets, Inc. purchased equipment for resale on account for $32,000. Which option describes the correct way to record the transaction? Select one: a. increase (debit) equipment and credit (increase) accounts payable b. increase (debit) equipment and decrease (credit) cash c. increase (debit) inventory and increase (credit) accounts payable d. increase (debit) inventory and credit (decrease) cash
Please show what type of account each belongs to ( for example Current Asset, Current Liability,...
Please show what type of account each belongs to ( for example Current Asset, Current Liability, Stockholders Equity, etc.) and if each is a credit or debit. Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Cash Common Stock Depreciation Expense - Equipment Dividends Equipment Interest Expense Interest Revenue Notes Payable Prepaid Rent Retained Earnings Service Revenue Unearned Revenue Wages Expense Wages Payable
For each of the following accounts, indicate the effect of a debit or a credit on...
For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance. Debit Effect Credit Effect Normal Balance a. Accounts Payable. select between increase and decrease Increase Decrease select between increase and decrease Increase Decrease select between credit and debit Credit Debit b. Advertising Expense. select between increase and decrease Decrease Increase select between increase and decrease Decrease Increase select between credit and debit Debit Credit c. Service Revenue. select...
Complete the following chart indicating if the account is increased with a debit or a credit....
Complete the following chart indicating if the account is increased with a debit or a credit. (10 pts) ACCOUNT INCREASED WITH A: Notes Receivable Accounts Payable Common Stock Dividends Sales Revenue Interest Expense Interest Revenue Unearned Revenue Retained Earnings Inventory Equipment
    1.     In the first month of operations, the total of the debit entries to the...
    1.     In the first month of operations, the total of the debit entries to the cash account amounted to $1900 and the total of the credit entries to the cash account amounted to $800. The cash account has a balance of……………….     2.     Dawson’s Delivery Service purchased equipment for $3,500. Dawson paid $500 in cash and signed a note for the balance. Dawson debited the Equipment account, credited Cash and a.   debited the Dawson, Capital account for $2,000. b.  ...
The normal balance of an account is: Select one: A. The debit side B. The credit...
The normal balance of an account is: Select one: A. The debit side B. The credit side C. The side on which increases are recorded D. The side on which decreases are recorded
The following is the adjusted trial balance for Dove Lithography. Account Debit Credit Cash $1,700 Accounts...
The following is the adjusted trial balance for Dove Lithography. Account Debit Credit Cash $1,700 Accounts receivable 8,500 Supplies 100 Equipment 7,500 Accumulated depreciation $2,000 Accounts payable 1,200 Salary payable 800 Unearned revenue 600 Capital 3,400 Drawing 2,300 Service revenue 40,000 Salary expense 24,000 Supplies expense 2,300 Depreciation expense 1,600 $48,000 $48,000 Using the information from the worksheet above, prepare the closing journal entries for the company.
1. All of the following accounts are increased with a debit except: a. unearned revenue b....
1. All of the following accounts are increased with a debit except: a. unearned revenue b. land c. Account Receivable d. cash 2. A credit to the cash account will increase the account? T/F 3. Normal balance are the side that increase the account balance. T/F 4. All the following accounts are increase with a credit except. a. supplies b. account payable c. owners captial d. fees earned c. fees earned
For each item below, indicate whether a debit or credit applies. 1. Increase in Accounts Payable...
For each item below, indicate whether a debit or credit applies. 1. Increase in Accounts Payable 2. Increase in Accounts Receivable 3. Increase in Retained Earnings 4. Decrease in Unearned Service Revenue 5. Decrease in Interest Payable
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT