1. . Using the expanded accounting equation, solve for the missing amount.
| Assets |
$
84,325 |
| Liabilities |
1,760 |
| Common Stock |
? |
| Dividends |
10,560 |
| Revenues |
52,350 |
| Expenses |
23,456 |
Begin by selecting the formula for the expanded accounting equation. Then enter the amounts to solve for the missing amount.
9) Centerpiece Arrangements has just completed operations for the year ending December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business:
Prepare the balance sheet of Centerpiece Arrangements as of December 31, 2024. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
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Liabilities |
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Stockholders’ Equity |
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10)A shortened form of the ledger is called a ________.
A.T−account
B.summary account
C.chart of accounts
D.working account
11) an asset account is increased by a debit
True or False
12) a liability account is increased by a debit
True or False
13) A debit always means a decrease, and credit always means an increase
True orFalse
14) Which of the following accounts decreases with a debit?
A.Accounts Receivable
B.Cash
C.Notes Payable
D.Rent Expense
15) Which of the following accounts increases with a credit?
A.Dividends
B.Accounts Receivable
C.Common Stock
D.Prepaid Expense
16) Which of the following accounts decreases with a credit?
A.Common Stock
B.Unearned Revenue
C.Accounts Payable
D.Cash
17)Which one of the following account groups will decrease with a debit?
A.assets and liabilities
B.assets and expenses
C.revenues and expenses
D.liabilities and revenues
18)For revenues, the category of account and its normal balance is ________.
A.equity and a credit balance
B.assets and a credit balance
C.assets and a debit balance
D.equity and a debit balance
19) For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR).
| a. Increase to Accounts Receivable |
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| b. Decrease to Unearned Revenue |
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| c. Decrease to Cash |
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20) For each account, identify whether the normal balance is a debit (DR) or credit (CR).
| a. Notes Payable |
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| b. Dividends |
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| c. Service Revenue |
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21) Journalize the transactions of Ned Lopez, M.D. Include an explanation with each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Jan. 1:The business received $29,000 cash and issued common stock to Lopez.
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Accounts and Explanation |
Debit |
Credit |
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22) Journalize the transactions ofBlazing Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
(Fill in charts) screenshot attached for question 22
23) screenshot attached for question 23
RESOURCES
Reading
Textbook: Horngren’s Financial & Managerial Accounting
- Chapter 1
- Review vocabulary at the end of Chapter 1
- Chapter 2, 2-1, 2-2, 2-6, and 2-9
- Review vocabulary at the end of Chapter 2
Lecture
Introduction to Financial Accounting
Professor Trudie Infantini, CPA, introduces the course by describing the personal importance of accounting, presenting the accounting equation, and analyzing transactions.
