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Accounting 2 Check Point - Debit B To increase owner...

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Accounting Check Point: Debits and Credits Nikki Vergets Acc/225 2/3/2011 Julie Goodin 1
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Quick Study: QS 2-3, Indicate whether a debit or credit decreases the normal balance of each of the following accounts: A. Office supplies are considered a debit . B. revenue is an asset, this makes it a debit . C. Interest payable is a liability, normal balance is a credit. D. Accounts receivable is an asset, debit . E. Expense is a liability, credit F. Owner capital is equity, debit G. Prepaid insurance is an asset, so this is a debit H. Buildings, asset, debit I. Interest revenue is an asset, debit J. Any owner withdrawals are a return of capital, credit K. Unearned revenue, credit L. any payable is a liability, credit. QS 2-4, Identify whether a debit or credit yields the indicated change for each of the following accounts: A. To increase store equipment -
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Unformatted text preview: Debit B. To increase owner withdrawals - Debit C. To decrease cash- Credit D. To increase utilities expense - Debit E. To increase fees earned - Credit F. To decrease unearned revenue - Debit G. To decrease prepaid insurance - Credit H. To increase notes payable - credit I. To decrease accounts receivable - Credit J. To increase owner capital - Credit QS 2-5 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 2 C. Fees Earned (Debit)-Incorrect D. Wages Expense (Credit) -Incorrect E. Cash (Debit) - Correct F. Prepaid Insurance (Credit) - Correct G. Wages Payable (Credit) -Incorrect H. Building (Debit) - Correct 3 4...
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