Please help, thanks in advance ? Notes - Chapter 2T Account FormDebitCreditFootingNormal BalanceRent ExpenseDebitCreditAccounts PayableDebitCreditRevenueDebitCreditFor each account classification, identifythe INCREASE side for the T account.EquipmentDebitCreditAccounts ReceivableDebitCreditPrepaid InsuranceDebitCreditG. Washington, CapitalDebitCreditCompound Entry1|PageName:Date:A • D+ E = L +C +R(All Drippy Eels Love Curly Radishes)How does this memory tool help youremember which accounts have normaldebit balances vs those that have normalcredit balances?1.2.What are the 5 steps for analyzing a3.business transaction?4.5.Trial BalanceIn what order are accounts listed on thetrial balance?What is the purpose of a financialstatement?What are the 3 primary financial2.statements?3.2| Page

T Account Form: It is a template that helps us to organize and balance the transactions or journal…

T Account Form Debit Credit Footing Normal Balance Rent Expense Debit Credit Accounts Payable Debit Credit Revenue Debit Credit For each account classification, identify Equipment Debit Credit the INCREASE side for the T account. Accounts Receivable Debit Credit Prepaid Insurance Debit Credit G. Washington, Capital Debit Credit

T Account Form Debit Credit Footing Normal Balance Rent Expense Debit Credit Accounts Payable Debit Credit Revenue Debit Credit For each account classification, identify Equipment Debit Credit the INCREASE side for the T account. Accounts Receivable Debit Credit Prepaid Insurance Debit Credit G. Washington, Capital Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts
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On 31 December 20X7, a company has the following bond on the statement of financial position: Bond payable, 7%, interest due semi-annually on 31 Dec. and 30 June; maturity date, 30 June 20X11 Premium on bonds payable $6, 200,000 52,080 $6,252,080 On 28 February 20X8, 20% of the bond was retired for $1,364,000 plus accrued interest to 28 February. Interest was paid on this date only for the portion of the bonds that were retired. Premium amortization was recorded on this date in the amount of $500, representing amortization on the retired debt only. Required: Provide the entries to record the bond interest on 28 February and the bond retirement. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13
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Date General Account Titles and Explanations Ref. Debit Credit
JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11
What effect wlNs adjusting ournal entry hav on the accounting record Supplies Expense 267 Supoles 267 One inceme tincome