UNIT 3 TEXTBOOK EXERCISE - U N I T 3 TEXTBOOK EXERC ISE EX....

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Unformatted text preview: U N I T 3 TEXTBOOK EXERC ISE EX. 2-4 Transaction 1 2 3 4 5 6 7 8 9 Account Debited Type asset asset asset asset asset asset asset asset asset + + + + effect + Account Credited type owner's equity liability liability expense revenue liability owner's equity expense owner's equity + + effect + + + + + Ex. 2-7 1. Accounts payable is credit only 2. Accounts receivable is debit and credit 3. Cash is credit and debit 4. Fees earned is credit only 5. Insurance expense is debit and credit 6. Drawing is debit and credit 7. Supplies expense is debit and credit Ex. 2-8 a. Accounts payable = liabili ty credit b. Accounts receivable = asset debit c. Capital = owner's equity credit d. Drawing = owner's equity debit e. Cash = asset debit f. Fees earned = revenue credit g. Office equipment = liabili ty credit h. Rent = expense debit i. Supplies = Asset debit j. Wage = expense - debit ...
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This note was uploaded on 06/28/2011 for the course ACCOUNTING ac101 taught by Professor Zhoa during the Spring '11 term at Kaplan University.

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UNIT 3 TEXTBOOK EXERCISE - U N I T 3 TEXTBOOK EXERC ISE EX....

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