Accounting?

Record end-of-period insurance adjustment. Ledger shows $6000 for a one year policy purchased 3 months ago.

What is account is debited or credited?

  Record end-of-period supplies adjustment. Ledger shows $700 while actual is $300.

What is account is debited or credited?

  Record accrued depreciation for a one year old Truck, purchased originally for $30,000, expected to last 10 years, salvage value $3,000 (Straight line)

What is account is debited or credited?

  Sold company automobile for $12,000. Cost $20,000, Accumulated Depreciation $5,000.

What is account is debited or credited?

  Retailer buys goods for resale on account (perpetual; HST)

What is account is debited or credited?

   Retailer buys goods for resale on account (periodic; HST)

What is account is debited or credited?

   Retailer sells goods for cash (perpetual; HST)

What is account is debited or credited?

   Retailer sells goods for cash (periodic; HST)

What is account is debited or credited?

1 Answer

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  • John
    Lv 6
    1 month ago

    Stop cheating, and start by memorizing the basics.  Accounting students need to know the 5 basic kinds of accounts.  You also need to know which accounts are increased by debits, decreased by credits, and vice versa.  You also need to know if an account goes on the balance sheet or income statement.  Knowing that, you will be able to figure out all of your homework.  If you don't bother to learn that, doing accounting will be like doing algebra while having to count on your fingers.  You will also fail your tests, and the course.  

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