Essentials of Accounting Week 2

Essentials of Accounting Week 2 - Cathy Whitteker...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Cathy Whitteker Essentials of Accounting 3/8/2011 Chapter 3-4 Chapter 3 E3-14 Error In Balance Difference Larger Column 1 No $400 Debit 2 Yes $750 Neither 3 No $100 Credit 4 No $300 Debit 5 Yes $225 Neither 6 No $36 Credit P3-1A Account Titles and Explanation Debit Credit 1.Cash $25,000 Common stock $25,000 Invested by stockholders 2.Office Rent $900
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Cash $900 Paid office rent 3.Office Equipment $2,800 Cash $2,800 Purchased office equipment 4.Advertising $200 Cash $200 Purchased advertising in the Chicago Tribune 5.Office Supplies $500 Cash $500 Paid office supplies 6.Cash $1,000 Accounts Received $1,000 Received from customers 7.Cash $9,000 Accounts Payable $9,000 Billed to customers
Background image of page 2
8.Dividends $400 Cash $400 Paid a cash dividend 9.Cash $9,000 Accounts Payable $9,000 Billed to customers 10.Salaries Expense $1,200 Cash $1,200 Paid salaries to date 11.Cash $9,000 Service Revenue $9,000 Received cash for services provided BYP3-1 Common Stock: increased by credits and decreased by debits, so the Normal balance is at Credit. Accounts Payable: Liabilities. Debits decrease, Credits Increase and the Normal Balance is in
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/14/2011 for the course ACCT 301 taught by Professor Song during the Spring '08 term at DeVry Chicago.

Page1 / 7

Essentials of Accounting Week 2 - Cathy Whitteker...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online