TEST BANK for Intermediate Accounting 18th Edition by Donald E. Kieso, Jerry J. Weygandt and Terry D. Warfield ISBN-13 978-6. (Complete Download). 2025 Pages.
LO 2 BT: K Difficulty: Medium TOT: 4 min. AACSB: None AICPA FC: Reporting
BRIEF EXERCISE 0-5
Account Debited Account Credited
June 1 Cash Common Stock
2 Equipment Accounts Payable
3 Rent Expense Cash
12 Accounts Receivable Service Revenue
LO 2 BT: C Difficulty: Medium TOT: 3 min. AACSB: None AICPA FC: Reporting
BRIEF EXERCISE 0-6
June 1 Cash ................................................................................... 5,000
Common Stock .................................................................. 5,000
12 Accounts Receivable ........................................................ 700
Service Revenue ....................................................... 700
LO 2 BT: AP Difficulty: Medium TOT: 4 min. AACSB: Analytic AICPA FC: Reporting
BRIEF EXERCISE 0-7
(a) Basic Analysis (b) Debit-Credit Analysis
Aug. 1 The asset Cash is increased; Debits increase assets:
the stockholders’ equity debit Cash $10,000. Credits
account Common Stock is increase stockholders’ equity:
increased. credit Common Stock $10,000.
4 The asset Prepaid Insurance Debits increase assets:
is increased; the asset Cash debit Prepaid Insurance $1,500.
is decreased. Credits decrease assets:
credit Cash $1,500.
16 The asset Cash is increased; Debits increase assets:
the revenue Service Revenue debit Cash $900.
is increased. Credits increase revenues:
credit Service Revenue $900.
27 The expense Salaries and Debits increase expenses:
Wages Expense is increased; debit Salaries and Wages
the asset Cash is decreased. Expense $620.
Credits decrease assets:
credit Cash $620.
LO 2 BT: C Difficulty: Medium TOT: 8 min. AACSB: None AICPA FC: Reporting
BRIEF EXERCISE 0-8
Aug. 1 Cash .................................................................................... 10,000
Common Stock .......................................................... 10,000
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