Chapter 2 HW2-1.xlsx - CHAPTER 2 HOMEWORK 1/2 Q2 The terms...

CHAPTER 2 HOMEWORK 1/2
Q2
Assets Liabilities Revenue
Dr Cr Dr Cr Dr Cr
+ - - + - +
Expense Common stock
Dr Cr Dr Cr
+ - - +
Dividents Retained earning
Dr Cr Dr Cr
+ - - +
Q6 What is the normal balance for each of the following accounts?
(a) Accounts Receivable - D (b) Cash - D (c) Dividends - D (d) Accounts Payable - C
(e) Service Revenue - C (f) Salaries and Wages Expense - D (g) Common
E2.2
Cash Common stock
Jan 2 15,000 8,200 Jan 3 15,000 Jan 2
Jan 20 780 200 Jan 16 Accounts Payable
300 Jan 23 Jan 23. 300 500 Jan 9
Q7
Q3 Tom Dingel, a fellow student, contends that the double-entry system means each transaction must be