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Accounting 1&2

Debits and credits

QuestionAnswer
classify: Accounts payable Liability
Classify: Accounts receivable Asset
Classify: Cash Asset
Classify: common stock Stockholder equity
Classify: Dividends Dividend
classify: Equiptment Asset
Classify: Fees Earned Revenue
Classify: Land Asset
Classify: Prepaid Insurance Asset
Classify: Rent expence Expense
classify: Retained Earnings Stockholder equity
Classify: supplys Asset
Classify: Supply expense expense
Classify: Unearned Revenue Liability
Accounts payable increases with credit
Accounts receivable increases with Debit
Cash increases with Debit
Common stock increases with Credit
Dividends increase with Debit
Equipment increases with debit
fees earned increases with credit
Land increases with Debit
Prepaid insurance increases with debit
rent expenses increase with debit
supplies increase with debit
supply expenses increase with debit
unearned revenue increase with credit
Accounts payable is on what financial statement Balance sheet
Accounts receivable ins on what financial statement Balance sheet
Cash is on what financial statement Balance sheet
Common stock is on what financial statement statement of stockholders' equity balance sheet
Dividends are on what financial statement Statement of stockholders' equity
Equipment is on what financial statement Balance sheet
Fees earned is on what financial statement Income statement
Land is on what financial statement balance sheet
Prepaid insurance is on what financial statement balance sheet
expenses are on what financial statement Income statement
Retained earnings are on what financial statement statement of stockholders' equity balance sheet
supplies are on what financial statement balance sheet
Supplies expense is on what financial statement Income statement
Unearned revenue is on what financial statement Balance sheet
Classify: Sales Commissions Revenue
Created by: kamcorkins
Popular Accounting sets

 

 



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