Asked by Brittney Buchanon on May 22, 2024
Verified
Identify whether a debit or credit would be correct for each of the following account changes. Use a Dr. (debit) or Cr. (credit) in the space provided.
________ 1. Increase Truck
________ 2. Increase Accounts Receivable
________ 3. Increase Accounts Payable
________ 4. Increase Salaries Expense
________ 5. Increase Service Fees Earned
________ 6. Decrease Cash
________ 7. Increase S. McCrae, Capital
________ 8. Increase S. McCrae, Withdrawals
________ 9. Increase Rent Expense
________ 10. Increase Equipment
Salaries Expense
The total amount spent by a business on salaries for its employees during a specific period, typically reported on the income statement.
Service Fees Earned
Income recognized by a company for services it has provided to clients.
Account Changes
Adjustments made to accounts to update or correct their balances, which might include error corrections, adjustments, or updates.
- Recognize the customary balances, debit or credit, for a range of accounts.
Verified Answer
CP
Chancler PrattMay 29, 2024
Final Answer :
1. Dr.
2. Dr.
3. Cr.
4. Dr.
5. Cr.
6. Cr.
7. Cr.
8. Dr.
9. Dr.
10. Dr.
2. Dr.
3. Cr.
4. Dr.
5. Cr.
6. Cr.
7. Cr.
8. Dr.
9. Dr.
10. Dr.
Learning Objectives
- Recognize the customary balances, debit or credit, for a range of accounts.