Question: Task 2 Double entry accounting 1. Rules of Double Entry In the double entry accounting system, accounts are classified as one of the following: Asset,

Task 2 Double entry accounting 1. Rules of Double Entry In the double entry accounting system, accounts are classified as one of the following: Asset, Liability, Equity, Revenue or Expense. Complete the table below to identify the nature of the accounts listed and the resulting debit or credit entry needed to increase or decrease the balance in that account. The first ?one has been completed as an example for you. Account Account Type To increase To decrease Bank (Example) Asset Debit Credit | | | Motor Vehicles at cost \\ Asset Debit \\ Credit Criterion Feedback The below table is incorrect this is Motor vehicle at cost , which means it would be an Asset for the business e [ [ [ow | Hi there, | just want to confirm that what | put in red is correct? The first screenshot is the question with the example and the red is mine and the last is the feedback. Thank you for your help

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Yes what you put in red is correct For Motor Vehi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Cost Controls and Budgeting The High Corporation was formed on April one of the current year. The company is involved in the excavating business. Part 1 April 1 April 1 April 1 Purchased with...

****excell needs to be compleated to answer the multiple choice*** The steps you will follow for this project are as follows: 1) Review the video on how to complete this assignment 2) Download the...

Question 1: For the attached table, identify the type of account as an asset, liability, equity, revenue or expense account. Then type debit or credit within the increase/ decrease columns to signify...

13. value: 4 points What would be the appropriate entry for the following transaction? Bill Co. performed $5,200 in consulting services on account 1.Credit to Cash, Debit to Accounts Receivable...

sessment A Saved He For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) ide balance of the account; and (3) select debit (Dr.) or...

1: For the attached table, identify the type of account as an asset, liability, equity, revenue or expense account. Then type debit or credit within the increase/decrease columns to signify whether a...

Check figures The steps you will follow for this project are as follows: Using your Excel worksheet, what would the accounting equation for MyMenu Food Delivery be as of January 31,2020? A....

Case FA-3001 transactions DATA = A B D E K H Advertisi Automobi Interest Miscellan ng le expense eous expense expense expense 740 4 5 230 Date Transacti Cash Long: Common Retained Dividends Service...

it should look better Jennifer Allen started a food delivery service on January 1, 2020 and incorporated as Pepper Food Delivery. She and her parents contributed cash to the business in exchange for...

Indicate whether the following peaks in the mass spectrum of 1-heptanol are odd-electron or even-electron ions. (a) m/z = 83 (b) m/z = 70 (c) m/z = 56 (d) m/z = 41

a. For Mr. Paijo's grant to Ms. Sakirah, what types of taxes are owed? Who must pay the tax? What is the amount to be paid? b. Did Ms. Sakirah violate the rules for not reporting on the construction...

Question 3 8 . 5 : Explain the logic of the steps that allow you to estimate the maximum distance at which the headlights of a car are distinguishable as two headlights and not a single headlight as...

Briefly state the reasons why a company would not wish to distribute all its profits to its shareholders?