Question

In: Accounting

The following accounts are from Mookie The Beagle Concierge Chart of Accounts. For each account indicate:  ...

The following accounts are from Mookie The Beagle Concierge Chart of Accounts. For each account indicate:  

If the account is increased by a:

  • Debit
  • Credit

Type of account as:

  • Asset
  • Liability
  • Equity
  • Revenue (Income)
  • Expense

Accounts:

1.  Checking

2.  Accounts Receivable (A/R)  

3.  Inventory

4.  Prepaid Expenses  

5.  Prepaid Expenses: Insurance

6.  Prepaid Expenses: Rent

7.  Prepaid Expenses: Supplies

8.  Undeposited Funds

9.  Accounts Payable (A/P)

10.  VISA Credit Card  

11.  Unearned Revenue -   

12.  Owner Distributions   

13.  Owner’s Investment   

14.  Retained Earnings   

15.  Sales  

16.  Advertising & Marketing   

17.  Bank Charges & Fees   

18.  Contractors  

19.  Insurance: Liability Insurance Expense   

20.  Interest Paid   

21.  Legal & Professional Services   

22.  Office Supplies & Software   

23.  Rent & Lease   

24.  Repairs & Maintenance   

25.  Utilities

Solutions

Expert Solution

1.  Checking - (Increase by a debit, Type - Asset)

2.  Accounts Receivable (A/R) - (Increase by a debit, Type - Asset)

3.  Inventory - (Increase by a debit, Type - Asset)

4.  Prepaid Expenses - (Increase by a debit, Type - Asset)

5.  Prepaid Expenses: Insurance - (Increase by a debit, Type - Asset)

6.  Prepaid Expenses: Rent - (Increase by a debit, Type - Asset)

7.  Prepaid Expenses: Supplies - (Increase by a debit, Type - Asset)

8.  Undeposited Funds - (Increase by a debit, Type - Asset)

9.  Accounts Payable (A/P) - (Increase by a credit, Type - Liability)

10.  VISA Credit Card - (Increase by a credit, Type - Liability)

11.  Unearned Revenue -   (Increase by a debit, Type - Asset)

12.  Owner Distributions - (Increase by a debit, Type - Equity)

13.  Owner’s Investment - (Increase by a Credit, Type - Equity)

14.  Retained Earnings - (Increase by a credit, Type - Equity)

15.  Sales - (Increase by a credit, Type - Revenue)

16.  Advertising & Marketing - (Increase by a debit, Type - Expense)

17.  Bank Charges & Fees - (Increase by a debit, Type - Expense)

18.  Contractors - (Increase by a credit, Type - Liability)

19.  Insurance: Liability Insurance Expense : (Increase by a credit, Type - Liability)

20.  Interest Paid - (Increase by a debit, Type - Expense)

21.  Legal & Professional Services - (Increase by a debit, Type - Expense)

22.  Office Supplies & Software - (Increase by a debit, Type - Assets)

23.  Rent & Lease - (Increase by a debit, Type - Expense)

24.  Repairs & Maintenance - (Increase by a debit, Type - Expense)

25.  Utilities - (Increase by a debit, Type - Expense)

ekkarill92 answered 1 year ago
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