Homework 3 - Emily Leung Accounting 221 February 14 th ,...

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Unformatted text preview: Emily Leung Accounting 221 February 14 th , 2011 TA: L. Martin (Lab 17) (HW) 3-1, 3-4, 3-7, 3-8, 3-11, 3-14, 3-18 3-1A Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of accounts belonging to each category of financial statement elements. The appropriate debit/credit terminology has been identified for the first category (assets) as an example. Category of Elements Used to Increase this Element Used to Decrease this Element Assets Debit Credit Liabilities Common Stock Retained Earnings Revenue Expense Dividends 3-4A a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: (1) Provided services on account. (2) Paid cash for operating expenses. (3) Acquired cash from the issue of common stock. (4) Purchased supplies on account. (5) Purchased land for cash. (6) Paid a cask dividend to the stockholders. (7) Provided services for cash. (8) Recognized accrued salaries at the end of the period. (9) Recognized accrued interest revenue. Debit Credit b. Show how each transaction affects the financial statements by placing a + for increases, - for decrease, and NA for not affected under each component in a horizontal statements...
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Homework 3 - Emily Leung Accounting 221 February 14 th ,...

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