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Exam 2: Debits and Credits: Analyzing and Recording Business Transactions

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Question 51

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Accounts Payable is an asset account that is increased on the credit side.

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Question 52

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The following transactions occurred during June for Campus Cycle Shop.Record the transactions below in the T accounts.Place the letter of the transaction next to the entry.Foot and calculate the ending balances of the T accounts where appropriate. a.Tyler invested $6500 in the bike service from his personal savings account. b.Bought office equipment for cash,$900. c.Performed bike service for a customer on account,$1,000. d.Company cell phone bill received,but not paid,$80. e.Collected $500 from customer in transaction c. f.Tyler withdrew $300 for personal use.

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Question 53

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The income statement contains:

A ledger:

Determine the beginning owner's equity of a business having beginning assets of $9,000 and ending liabilities of $3,000.During the year the liabilities decreased by $1,000. $ ________

A T account is used for demonstration purposes.

Accounts Payable indicates monies owed to us by our clients or customers.

Cash is credited when the business makes a payment for supplies.

The owner invested personal equipment in the business.To record this transaction:

Accounts receivable decrease on the debit side of the account.

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon. - $\begin{array} { | l | l | l | l | } \hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } \\\hline \text { Salaries Expense } & & & \\\hline\end{array}$

A chart of accounts:

A credit may signify a(n) :

Office Supplies had a normal starting balance of $75.There were debit postings of $80 and credit postings of $60 during the month.The ending balance of the account is:

The beginning balance in the Capital account would appear on which financial statement?

Net income or net loss for a period is calculated by the following formula:

A chart of accounts is below.Following is a series of transactions.Indicate for each transaction the accounts that should be debited and credited by inserting the proper account number in the space provided.

Why is Revenue increased on the Credit side? (Explain as it pertains to the expanded accounting equation and its relationship to Owner's Equity. )

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon. - $\begin{array} { | l | c | c | c | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\\hline \text { Lawn Care Fees Earned } & & & \\\hline\end{array}$

Cash has a normal balance of $1,100.After collecting $800,the balance in the account is: