Indicate whether a debit or credit decrease the mundane stability of respectively of the following accounts?
(Linking debit or credit with majority balance)
a. Office Supplies
b. Repair Services Revenue
c. Interest Payable
d. Accounts Receivable
e. Salaries Expense
f. Owner Capital
g. Prepaid Insurance
h. Buildings
i. Interest Revenue
j. Owner Withdrawals
k. Unearned Revenue
l. Accounts Payable
I am completely lost on this. I do not understand what I am even mortal asked to do. Can someone explain this to me on what I am to do, and how I am to do it? I need this explained to me within simpliar terms so that I know it better, any help would be greatly appreciated!
Answers: It is confusing, start next to a T account. On the top of the T put the autograph of the account. The not here side of the T is always debit the right is other credit. Some accounts increase with debit others increase next to credit.
You should also know the general accounting formula Assets = Liabilities + Owners Equity. Now bureau supplies are an asset. Assets are on the left side of the equation an increase to organization supplies would be on the left side of the T account(debit). Your request for information does not ask how to increase the normal stability but how to decrease it so the answer is a credit would stop the normal symmetry.
I hope this helps I doubt the intermingle will. Once you understand this I hatred to break the news but some accounts are contra accounts, close to depreciation for equipment for example. Equipment, like supplies is also an asset. It is on the departed side of the accounting equation but you need an side to keep track of depreciation (wear and tear). Contra accounts are towards the back.
a. office supplies are considered inventory and inventory is an asset, assets enjoy a normal be a foil for as a debit
b. revenue is an asset, debit
c. payable is a liability, normal go together is a credit
d. a/r is an asset, debit
e. expense is a liability, credit
f. owner capital is equity, I'm not sure, conjecture it is a debit
g. prepaids are an asset, debit
h. buildings, asset, debit
i. int. rev, asset, debit
j. owner withdrawals are a return of assets, I'm not for sure, credit
k. unearned rev, this is when you accepted currency for a product or service without completing the exchange, so you still owe the customer something...worth liability, credit
l. any payable is a liability, credit.
don't take what I'm truism as for sure, but pretty sure, all you are have to do here is determine where respectively of these line items belong un the accounting equation which is E = L + A, or something similar to that, equity = lilability + assets. It isn't that simple either thou, but this is the foundation. Goodluck! hope that help.
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a. Office Supplies
b. Repair Services Revenue
c. Interest Payable
d. Accounts Receivable
e. Salaries Expense
f. Owner Capital
g. Prepaid Insurance
h. Buildings
i. Interest Revenue
j. Owner Withdrawals
k. Unearned Revenue
l. Accounts Payable
I am completely lost on this. I do not understand what I am even mortal asked to do. Can someone explain this to me on what I am to do, and how I am to do it? I need this explained to me within simpliar terms so that I know it better, any help would be greatly appreciated!
Answers: It is confusing, start next to a T account. On the top of the T put the autograph of the account. The not here side of the T is always debit the right is other credit. Some accounts increase with debit others increase next to credit.
You should also know the general accounting formula Assets = Liabilities + Owners Equity. Now bureau supplies are an asset. Assets are on the left side of the equation an increase to organization supplies would be on the left side of the T account(debit). Your request for information does not ask how to increase the normal stability but how to decrease it so the answer is a credit would stop the normal symmetry.
I hope this helps I doubt the intermingle will. Once you understand this I hatred to break the news but some accounts are contra accounts, close to depreciation for equipment for example. Equipment, like supplies is also an asset. It is on the departed side of the accounting equation but you need an side to keep track of depreciation (wear and tear). Contra accounts are towards the back.
a. office supplies are considered inventory and inventory is an asset, assets enjoy a normal be a foil for as a debit
b. revenue is an asset, debit
c. payable is a liability, normal go together is a credit
d. a/r is an asset, debit
e. expense is a liability, credit
f. owner capital is equity, I'm not sure, conjecture it is a debit
g. prepaids are an asset, debit
h. buildings, asset, debit
i. int. rev, asset, debit
j. owner withdrawals are a return of assets, I'm not for sure, credit
k. unearned rev, this is when you accepted currency for a product or service without completing the exchange, so you still owe the customer something...worth liability, credit
l. any payable is a liability, credit.
don't take what I'm truism as for sure, but pretty sure, all you are have to do here is determine where respectively of these line items belong un the accounting equation which is E = L + A, or something similar to that, equity = lilability + assets. It isn't that simple either thou, but this is the foundation. Goodluck! hope that help.