Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

For talent writer

21/08/2020 Client: bingyanj Deadline: 7 Days

RESPOND TO THE STUDENTS POST AND BE CONSTRUCTIVE WITH ANSWER.


M'lynda post


 


When I hear “debit” I think of an amount being subtracted from your bank account. For example, paying a bill and having it being deducted from your bank account. For “credit” I think of money being added to your account. An example would be receiving payment from a customer. Our textbook describes debits and credits as a T-account, due to its shape where you list debits on the left side and credits on the right. Also, depending on the account a debit or credit can either increase or decrease the account.


How would you describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type?


Double-entry accounting states the accounting equation of Assets = Liabilities + Credits must always remain in balance. If there is a net increase in assets there must also be a net increase on liabilities and the equity side and vise versa for decreases. Increases to revenues increases equity. 


The balance sheet is a snapshot of a financial position of a company. The accounts shown on a balance are assets, liabilities and owner’s equity. The income statement shows the profitability of a company. The income statement shows revenues, expenses, gains, and losses. 


“Normal balance” refers to the side of the equation you would expect to see the amount recorded to.  




Wade post


 


The debits and credits section of accounting is a little backward to what I'm used to. Taking care of my bank account, debits increase while credits decrease the funds in my account. However, just like in the book, debits are on the left while credits are on the right. While the two are very different, the placement did not change. The debits and credits for assets do work like my bank account. Considering cash is an asset this makes sense as debits increase while credits decrease the value. 


Liability, equity, revenue and expenses are a little counter-intuitive with credits increasing their values while debits decrease them. I understand this as liabilities, like accounts payable, increase the debt owed by increasing credit value. Another way of looking at this is a credit card. When paying them off, you debit the account therefore removing the credit owed. The same example works with expenses. Revenue for services and equity like owner, capital increase by adding credit for those services that can one day be transferred to cash. I guess you could look at it as increasing credit in these areas increases the debit of cash flow? If I am wrong, please let me know, but that is how it works in my head right now. 


Revenues and expenses are shown on the income statement, but assets, liabilities and equities are shown on the balance sheet. I have already gone over how the cash account is calculated along with how liabilities and owner equity accounts are done differently for question 5. Last but not least, a "normal balance" of each account just means which side increases are recorded. 

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Instant Assignment Writer
Accounting & Finance Mentor
Coursework Helper
Professional Accountant
Instant Homework Helper
Top Essay Tutor
Writer Writer Name Offer Chat
Instant Assignment Writer

ONLINE

Instant Assignment Writer

Hi there. I am a proficient writer with an impeccable understanding of the English Language and scientific research formatting, including: APA, MLA, Harvard. Chicago and IEEE. I have handled over 1000 research proposals in different disciplines. I guarantee an A+ grade given a chance to work on your project. Do hire me. Regards

$130 Chat With Writer
Accounting & Finance Mentor

ONLINE

Accounting & Finance Mentor

Hello dear, I have gone through your prompt, and I can comfortably handle it within the given time. I am competent, well informed and dedicated writer. I follow instructions, communicate effectively and revise the work given ASAP as asked. Hire me and you will get a QUALITY paper. Thank you

$130 Chat With Writer
Coursework Helper

ONLINE

Coursework Helper

Hello there, I saw you have posted a project. I am interested in your project. I am a fiction writer, travel blogger, and content creator. I have been doing creative writing for 5 years and I would love to put my skills to work for you. I am passionate about the writing process and have penned a wide variety of content. From fictional stories to personal accounts, to travel articles...these just scratch the surface of what I love to do.

$130 Chat With Writer
Professional Accountant

ONLINE

Professional Accountant

Hi! It is good to see your project and being a reputed & highest rated freelance writer on this website, you can be assured of quality work! I am here to provide you with completely non-plagiarised and referenced literature review!

$125 Chat With Writer
Instant Homework Helper

ONLINE

Instant Homework Helper

I am a highly-qualified writer, and I can assure you quality work on this topic. Try me once, I promise you I will not let you down. You may visit my profile and check all samples to ensure quality, accuracy, and grip over all topics.

$150 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I feel, I would be the best choice for this project, I have more than 10 years of working experience in writing essys, reports, case studies and dissertations. Give me your work and get relax

$120 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Umuc math 107 final exam answers - Siemens sinamics g110 parameter list - Assignment 3 - How to calculate total impedance - Ikea riyadh opening hours during ramadan - Estudent macquarie university login - Capitalism a love story answers - Petroleum jelly on leaves experiment - Physical Assessment Reflection - Tubular fluorescent lamp crossword - Minnesota motors marketing simulation solution - 68 odd or even - Examples of imaginary audience and personal fable - The coelacanth is a _______________. - Aldi urea foot cream - Data mining age and healthcare improvement - It's dark in here poem - Document analysis - Ingrid jonker poem by sally bryer - Bullock and batten 4 phase model - The cardinal virtues that aristotle claims are crucial to living a flourishing life are - Project deliverable 3 database and data warehousing design - Selected information about income statement accounts for the reed company - Tm 9 1015 260 10 pdf - Mr jones science class - Community Nursing DQ 1 student reply Dianelis Pons - What was net operating working capital for 2015 and 2016 - Technical memo template word - The Intervention and Assessment Model - She's all that monologue - Anticoagulant Power Point - Should students have to wear uniforms persuasive essay - Article review due tomorrow at midnight - Cobb douglas returns to scale - Rosswurm and larrabee model definition - 4 wire sensor wiring diagram - Cottage garden kennels sway - Separation of ownership and control ppt - Looney tunes robot rampage 2 - Project Management : Opening a restaurant - Richard winsor street dance - Due to erratic sales of its sole - Event debrief form template - E accent grave code - Pulse candy india online - Supplementary angles non examples - BUS-FP3050 Communication, Ethics, And A Command Decision - Detroit power cool plus prediluted 50 50 - ADR - Achenbach system of empirically based assessment aseba - Ph of a strong diprotic acid - Bransford and johnson 1972 - Copper sulfate anhydrous msds - Disc - Exploratory Data Analysis - Information technology - Rl circuit lab report - Briony kells dentist - Examples of active publics - Subjective theory of contracts - A level biology exam questions by topic cie - Acap bachelor of psychological science and counselling - Weber state graduate programs - Ipr curve excel - As 1926.1-1993 free download - PSY 361 - 4 - Can c&h recover the liquidated damages from sun ship - Four Discussion Responses Needed 100 Words Each 200 Words Total - What is acl software used for - Mark gungor the tale of two brains - What finally caused the ming dynasty to collapse - Reflect on Week Two - Gate f botanical gardens melbourne - Radio clyde ssb rewind - Salmon rocks cape conran - On course study skills plus edition 2nd edition ebook - Self concept paper - Federico mahora perfume list - Little albert classical conditioning - Equations - How does a photogate work - Alien rpg core rulebook pdf - Working effectively in a business environment - Natalie reeves teacher mackellar - Window server identity - Epremis billing software - Philadelphia annual reconciliation of employer wage tax - AvD_Week7 - Fixing scored cam journals - Mukul ppt - Chemistry - Analysis of The Globalization of Eating Disorders - Bundaberg rum select vat cradle 4.5 litre - Juggling stress money family and work - Spanish 2 - How to write a monologue - Java Programming - College education should be free argumentative essay - Hurley silhouette 17 bilge keel - 2 sample t test minitab