ACC 210P Chapter 2

ACC 210P Chapter 2 - ACC 210P Chapter 2 1.Listed below are...

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ACC 210P Chapter 2 1.Listed below are selected accounts from the financial statements of Ellison Company for the year ended December 31. In the blank spaces provided for each account, indicate what type of account it is, its normal balance, and the debit/credit rules for increasing and decreasing it. Use the following abbreviations for your answer: Normal Rules to Increase or Type of Account Account Balance Decrease the Account A = Asset Dr = Debit Dr = Debit L = Liability Cr = Credit Cr = Credit SE = Stockholders' Equity R = Revenue E = Expense D = Dividend Type of Normal Rule to Rule to Account Balance Increase Decrease Example: Cash A Dr Dr Cr a. Accounts Payable b. Retained Earnings c. Prepaid Insurance d. Service Revenues e. Notes Payable f. Intangibles g. Common Stock h. Salary Expense i. Accounts Receivable j. Unearned Revenues
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2. Geen's Alternations Shop began business as a corporation in 2009. Several transactions which occurred early in 2009 are described below. Record each transaction in proper journal form,
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ACC 210P Chapter 2 - ACC 210P Chapter 2 1.Listed below are...

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