Solution Manual + Answer Key Solution Manual for Horngrens Financial Accounting 8th Edition by Tracie Nobles All Chapters Covered In One A+

Solution Manual + Answer Key
Solution Manual for Horngrens Financial Accounting 8th Edition by
Tracie Nobles

Book Title: Horngrens Financial Accounting

Edition: 8th Edition

Author: Tracie Nobles

,
,Chapter 2
Recording business transactions
Quick check
1. a
2. d 3. b 4. b 5. b
6. d
7. a
8. b
9. a
10. d




Starters (10 min.) S2-1
Req. 1

1. G
2. A
3. E
4. D
5. C
6. I
7. F
8. B
9. J
10. H
(5 min.) S2-2
Req. 1

Debits are increases for the following types of account:
• Assets
• Owners’ drawings  Expenses


Debits are decreases for these types of account:
• Liabilities
• Owners’ capital
• Revenues



Req. 2

Credits are increases for these types of account:
• Liabilities


Copyright © 2016 Pearson Australia (a division of Pearson Australia Group Pty Ltd)
9781486018000 Horngren’s Accounting 8th edition

, Horngren's Accounting 8e Solutions Manual 2


• Owners’ capital
• Revenues

Credits are decreases for these types of account:
• Assets
• Owners’ drawings
• Expenses




(5 min.) S2-3
Req. 1
Normal balance
Debit or credit

Assets Debit

Liabilities Credit

Owners’ equity overall Credit

Capital Credit

Drawings Debit

Revenues Credit

Expenses Debit

(5 min.) S2-4
Req. 1

Step 1: Identify each account affected and its type.
Step 2: Determine whether each account is increased or decreased.
Step 3: Record the transaction in the journal.
Account Type Increase/
Decrease

5 Accounts receivable Asset Increase

Service revenue Owners’ equity Increase

28 Cash Asset Increase

Accounts receivable Asset Decrease

(10 min.) S2-5
Req. 1
Journal