Explain why the rules for debit and credit are the same for Liabilities and Owner's Equity Accounts?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Liability Accounts Another word for liability is debt Liabilities are what the company owes to other...View the full answer
Answered By
Arshad Ahmad
Well, I am really new to tutoring but I truly believe a good student can be a better teacher. I have always been a topper at school. I passed my Chartered Accountancy at a very young age of 23, a rare feat for most of the students. I am really dedicated to whatever work I do and I am very strict regarding deadlines. i am always committed and dedicated to whatever work allotted to me and I make sure it is completed well within deadline and also I try to give my best in whatever I do. Hope we will have a good time studying together.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
Explain why the rules of debit and credit are the same for liability accounts and owners equity accounts.
-
The words debit and credit are used in two ways in accounting: ''e.g., to debit an account'' and ''a debit balance.'' Explain both usages of the terms debit and credit.
-
The words debit and credit are used in two ways in accounting: ''to debit an account'' and ''a debit balance.'' Explain both usages of the terms debit and credit.
-
= Adobe Reader Touch Type here to search Active Research: Toyota's Hybrid Offer One of the most successful hybrid cars (cars that run on both battery and gasoline) is the Prius by Toyota. Visit...
-
How does the near/far effect influence TDMA systems? What happens in CDMA systems? What are countermeasures in TDMA systems, what about CDMA systems?
-
The bill of materials for a finished product E, inventory status and other relevant information are given below. Compute the planned order releases and projected on-hand balances for parts E, F and...
-
Between z = 2.25 and z = 2.25 Find the indicated area under the standard normal curve. If convenient, use technology to find the area.
-
Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data for the year ending January 31, 2009, are shown on the next page. For the year, net credit sales were...
-
Peter Smith was the owner and operator of Long Arm Guns based in Nashville, TN. Peter had bought and sold guns legally for years as a licensed arms merchant. In January of 2022, Peter sold an Ak47...
-
For a simple RL circuit, Kirchhoffs voltage law requires that (if Ohms law holds) Ldi/dt + Ri = 0 where i = current, L = inductance, and R = resistance. Solve for i, if L = l, R = l.5, and i(0) =...
-
Lets say the Mill Due Corporation is expected to pay a dividend of $5.00 per year on its common stock forever into the future. It has no growth prospects whatsoever. If the required return on Mill...
-
Analysis of the followingfigures Days Revenue in Cash 13.01 14.26 16.01 Long Term Solvency Risk L/B to Assets Ratio L B to shareholders equity ratio Long term debt to long tem capital ratio Long term...
-
Hemlock Farms is a community located in the Pocono Mountains area of eastern Pennsylvania. The file Hemlock Farms contains information on homes that were recently for sale. The variables included...
-
Suppose a speck of dust in an electrostatic precipitator has N p = 3.75 10 17 protons in it and carries a net charge of Q = -83 nC. Let q e represent the charge of an electron. Part (a) Enter an...
-
Given the function f, defined by f(x)=3x+2x-4, find f(x + a).
-
Consider a two-stage rocket with the following design characteristics First Stage Second Stage 7200.0 kg 5400.0 kg 800.0 kg 600.0 kg The specific impulse for both stages in 275s. Calculate the final...
-
A 12.0 g bullet leaves a rifle with a speed of 860.0 m/s. What should be the minimum mass of the rifle in order that its recoil speed (the backwards speed of the rifle after the bullet is fired)...
-
Compute Home Depot's Debt to Asset ratio for the year ended January 2 0 2 3 . AMAZON.COM, INC. CONSOLIDATED BALANCE SHEETS (in millions, except per share data) ASSETS December 31, 2021 2022 Current...
-
You invest $50 at a 7 percent interest rate for 30 years. (a) Use Equation 10.1 to calculate how much you have after 30 years. (b) How many doubling periods does the investment experience? (c) Use...
-
Explain the operation of the dividends received deduction.
-
Bose plc has developed a design for a new iPod docking station, and is considering whether it is viable to produce the product as a replacement for its existing product, whose popularity has...
-
For its fabricated metal products, the Able Corp. is buying $10,000 of special tools that have a 4-year useful life and no salvage value . Compute the depreciation charge for the second year by each...
-
Use MACRS GDS depreciation for each of the assets, 1-3, to calculate the following items, (a)-(c). 1. A light general-purpose truck used by a delivery business, cost = $17,000.? 2. Production...
-
On July 1 Nancy Regan paid $600,000 for commercial building and an additional $150,000 for the land on which it stands. Four years later, also on July 1, s be sold the property for $850,000. Compute...
-
Write a script called ChangeExtensions that accepts two file name extensions as arguments, and renames all files with the first extension to have the second extension. For example, Change Extensions...
-
Write an HTML document that draws the trapezoid (a rectangle that is wider on one side) below in Canvas. (30,30) 50 50 70
-
Find V 1 V 5 V source I 2 I 3 I 4 I 5 R 1 R 2 R 3 R 4 R total. V 2 = 6 0 . 0 V , V 3 = 9 0 . 0 V , V 4 = 5 0 . 0 V , I 1 = 1 . 5 A , I total = 4 . 0 A , R 5 = 3 0 ohms. Indicate where appropriate....
Study smarter with the SolutionInn App