QS 2-4 Identify whether a debit or credit yields the indicated change for each of the following accounts

ACC 225

Axia College of University of Phoenix (UoP)

Financial Accounting

Larson, K. D., Wild, J. J., & Chiappetta B. (2005). Fundamental accounting principles (17th ed.)

Quick Study 2-4 (QS 2-4) Identify whether a debit or credit yields the indicated change for each of the following accounts:
a. To increase Store Equipment f. To decrease Unearned Revenue
b. To increase Owner Withdrawals g. To decrease Prepaid Insurance
c. To decrease Cash h. To increase Notes Payable
d. To increase Utilities Expense i. To decrease Accounts Receivable
e. To increase Fees Earned j. To increase Owner Capital

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QS 2-3 Indicate whether a debit or credit decreases the normal balance of each of the following accounts

ACC 225

Axia College of University of Phoenix (UoP)

Financial Accounting

Larson, K. D., Wild, J. J., & Chiappetta B. (2005). Fundamental accounting principles (17th ed.)

Quick Study 2-3 (QS 2-3) Indicate whether a debit or credit decreases the normal balance of each of the following accounts:
a. Office Supplies e. Salaries Expense i. Interest Revenue
b. Repair Services Revenue f. Owner Capital j. Owner Withdrawals
c. Interest Payable g. Prepaid Insurance k. Unearned Revenue
d. Accounts Receivable h. Buildings l. Accounts Payable

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*NEW* ACC 225: Week Two Solution

ACC 225

Axia College of University of Phoenix (UoP)

Financial Accounting

Larson, K. D., Wild, J. J., & Chiappetta B. (2005). Fundamental accounting principles (17th ed.)

ACC 225 Week 2 Solution

1. CheckPoint: Debits and Credits (Post in the Individual Forum – Due Day 2)

• Resource: Fundamental Accounting Principles, p. 74 and p. 77 (also review Chapter 2)
• Post your answers to Quick Study questions 2-1, 2-4, and 2-5 (p. 74) and Exercise 2-9 (p. 77).

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2. Assignment: Preparing Journal Entries and Trial Balances (Post in the Individual Forum – Due Day 6)

• Resource: Fundamental Accounting Principles, pp. 76 & 80
• Complete Exercises 2-6 and 2-8 on p. 76 and 77 and Problem 2-3A on p. 81.

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ACC 225: Week Two Solution

ACC 225

Axia College of University of Phoenix (UoP)

Financial Accounting

Larson, K. D., Wild, J. J., & Chiappetta B. (2005). Fundamental accounting principles (17th ed.)

ACC 225 Week 2 Solution

CheckPoint: Debits and Credits

• Resource: Fundamental Accounting Principles, p. 74
• Due Date: Day 4 [Individual] forum
• Post your answers to Quick Study questions QS 2-3, QS 2-4, and QS 2-5.

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Assignment: Preparing Journal Entries and Trial Balances

• Resource: Fundamental Accounting Principles, pp. 76 and 80
• Due Date: Day 7 [Individual] forum
• Complete Exercises 2-4 and 2-5 on p. 76 and Problem 2-2A on p. 80.
• Post your answers as an attachment.

Click here for the SOLUTION