Topics: Accounts receivable, Generally Accepted Accounting Principles, Accounts payable Pages: 4 (372 words) Published: February 8, 2013
Practice 2-1 (Solution)
Complete the matrix by entering either debit or credit in each cell: Items| Increases| Decreases|
Assets| Debit| Credit|
Liabilities| Credit| Debit|
Owner’s Equity| Credit| Debit|
Revenues| Credit| Debit|
Expenses| Debit| Credit |

Practice 2-2 (Solution)
State whether the following have debit balances or credit balances:

a.) Accounts Payable- Credit balance
b.) Salary Expense- Debit balance
c.) Notes Receivable- Debit balance
d.) Mr. Asuncion, Capital- Credit balance
e.) Cash- Debit balance
f.) Mr. Asuncion, Drawing- Debit balance
g.) Furniture and Fixtures- Debit balance
h.) Rent Expense- Debit balance
i.) Service Income- Credit balance
j.) Building- Debit balance

Practice 2-3 (Solution)
May Gomez…
April 1Cash50,000
Cars 750,000
Gomez, capital800,000

7Furniture & Fixtures45,000
Cash 45,000

21Cash 15,000
Service Income 15,000

24Accounts Receivable16,000
Service Income 16,000

Accounts Receivable 16,000

31Rent Expense 10,000
Salaries Expense 9,000
Cash 19,000

Practice 2-4 (Solution)
Ignacio Day Care Center…
Cash Furniture & FixturesNursery Toys&Books

200,00050,00050,000 25,000
55,000 18,000
10,000 10,000

Ignacio, capital Accounts Payable Day Care Fees Income

200,000 25,000 65,000

Salaries ExpenseAdvertising Expense Rent Expense
18,000 5,000 10,000

Accounts Receivable

10,000 10,000

Practice 2-5 (Solution)
a. Feb. 1Cash6,000
Accounts receivable6,000

Account payable2,000

Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay on Assignment
  • Adjusting Entries
  • Gain and Loss Entry Essay
  • The Accounting Equation and Double-entry Bookkeeping Essay
  • Barriers to Entry Essay
  • Entry Barriers Essay
  • Barriers to entry Essay
  • Barriers to Entry and Husky Essay

Become a StudyMode Member

Sign Up - It's Free