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State the increase side (debit or credit) for each of the following accounts. a.Inventor

 State the increase side (debit or credit) for each of the following accounts.

a.Inventory

b.Retained earnings

c.Cash

d.Accounts Payable

e.Dividends

f.Land

g.Supplies

h.Common Shares

i.Service Revenue

j.Accounts Receivable

51) Given the following list of errors, determine the effect on assets, liabilities, and shareholders' equity by completing the chart below. Use (+) to indicate overstated, (-) to indicate understated, and (0) to indicate no effect. Transaction (a) is completed as an example.

a. The entry to record the purchase of $800 of equipment on account was never posted.

b. The entry to record the purchase of $100 of supplies for cash was posted as a debit to Supplies and a credit to Accounts Payable.

c. A $1,000 debit to Cash was posted as $100.

d. A $400 debit to the Accounts Payable account was never posted.

e. A debit to Accounts Receivable of $500 was posted as a credit to Accounts Receivable.

Total AssetsTotal LiabilitiesShareholders' Equity

a.-$800-$800

b.

c.

d.

e.

52) State the decrease side (debit or credit) for each of the following accounts.

a.Prepaid Expenses

b.Contributed Capital

c.Buildings

d.Unearned Revenue

e.Dividends

f.Notes Receivable

g.Interest Payable

h.Sales Revenue

i.Cost of Sales

53) Place a checkmark in the appropriate column to show whether the event is recorded as a debit or a credit.

DebitCredit

a.Decrease in Cash________________

b.Decrease in Accounts Receivable________________

c.Increase in Service Revenue________________

d.Increase in Rent Expense________________

e.Decrease in Salary Payable________________

f.Decrease in Accounts Payable________________

g.Decrease in Note Payable________________

h.Increase in Common Shares________________

i.Decrease in Dividends________________

Dec 09 2019 Read more Less More

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