hw chapter 3 - Oct. 2 Debit stockholders equity to decrease...

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Exercise 1 1.) Assets/ Cash increases and Stockholders equity/ common stock increases. 2.) Assets/ Cash decreases and Stockholders equity/expenses increase. 3.) Assets/ Cash increases and stockholders equity/ revenue increases. 4.) Assets/ Accounts receivable and stockholders equity/ Revenue increases. 5.) Assets/ Cash decreases and stockholders equity/ dividends increase. 6.) Liabilities/accounts payable increases and stockholders equity/expenses decreases 7.) Assets/ cash increase and Assets/ accounts receivable decreases 8.) Assets/ cash decreases and assets/ equipment increase 9.) Assets/ equipment increases and liabilities/ accounts payable increases Exercise 7 Oct. 1 – Debit assets to increase cash: 25,000 Credit stockholders equity to increase common stock: 25,000
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Unformatted text preview: Oct. 2 Debit stockholders equity to decrease expenses: 42,000 Credit Assets to decrease cash: 42,000 Oct. 3 Debit assets to increase furniture: 3,600 Credit Assets to increase accounts payable: 3,600 Oct. 6 Debit Assets to increase accounts receivable: 10,800 Credit Stockholders Equity to increase Revenue: 10,800 Oct. 10 Debit Assets to increase Cash: 140 Credit Stockholders Equity to increase Revenues: 140 Oct. 27 Debit Assets to increase office furniture: 700 Credit Liabilities to increase accounts payable: 700 Oct. 30 Debit Retained Earnings to increase Salaries Expense: 3,500 Credit Assets to decrease Cash: 3,500...
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This note was uploaded on 04/09/2008 for the course ACC 281 taught by Professor Yang during the Spring '08 term at SUNY Brockport.

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