homework questions

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.)

Assets Liabilities
Stockholders’ Equity

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
b. Decrease to Unearned Revenue
c. Decrease to Cash

20) For each account, identify whether the normal balance is a debit (DR) or credit (CR).

a. Notes Payable
b. Dividends
c. Service Revenue

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.

Date Accounts and Explanation Debit Credit
Jan. 1

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.

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