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  • Topic: Accounts receivable, Generally Accepted Accounting Principles, Accounts payable
  • Pages : 4 (372 words )
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  • Published : February 8, 2013
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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

30Cash16,000
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
5,000
P182,000

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

12Supplies2,000
Account payable2,000

14Donation7,000
Cash7,000...
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