Chapter 02 - Exercise 2-1 Account a. b. c. d. e. f. g. h....

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Exercise 2-1 Type of Increase Normal Account Account (Dr. or Cr.) Balance a. Unearned Revenue. ............................... liability credit credit b. Accounts Payable. ................................. liability credit credit c. Postage Expense. ................................... expense debit debit d. Prepaid Insurance. ................................ asset debit debit e. Land. ...................................................... asset debit debit f. Owner Capital. ...................................... equity credit credit g. Accounts Receivable. ............................ asset debit debit h. Owner Withdrawals. ............................ equity debit debit i. Cash. ....................................................... asset debit debit j. Equipment. ............................................ asset debit debit k. Fees Earned. .......................................... revenue credit credit l. Wages Expense. ..................................... expense debit debit Exercise 2-4 Aug. 1 Cash. ........................................................................ 7,500 Photography Equipment. ................................................ 32,500 H. Paris, Capital. ...................................................... 40,000 Owner investment in business. 1 Prepaid Insurance. .......................................................... 3,000 Cash. .......................................................................... 3,000 Acquired 2 years of insurance coverage. 5 Office Supplies. ................................................................ 1,400 Cash. .......................................................................... 1,400 Purchased office supplies. 20 Cash. ........................................................................ 2,650 Photography Fees Earned. ...................................... 2,650 Collected photography fees. 31 Utilities Expense. ............................................................. 875 Cash. .......................................................................... 875 Paid for August utilities. Exercise 2-5 Cash Photography Equipment Aug. 1 7,500 Aug. 1 3,000 Aug. 1 32,500 20 2,650 5 1,400
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31 875 H. Paris, Capital Balance 4,875 Aug. 1 40,000 Office Supplies Photography Fees Earned Aug. 5 1,400 Aug. 20 2,650 Prepaid Insurance Utilities Expense Aug. 1
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This note was uploaded on 06/29/2008 for the course ACCT 220 taught by Professor William during the Spring '08 term at University of Findlay.

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Chapter 02 - Exercise 2-1 Account a. b. c. d. e. f. g. h....

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