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20 May, 20:15

For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). a. Increase to Accounts Receivable b. Decrease to Unearned Revenue c. Decrease to Cash d. Increase to Interest Expense e. Increase to Salaries Payable f. Decrease to Prepaid Rent g. Increase to Proudfoot, Capital h. Increase to Notes Receivable i. Decrease to Accounts Payable j. Increase to Interest Revenue

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  1. 20 May, 20:26
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    Answer: Explanation:

    a. Increase to Accounts Receivable: Debit

    Assets account increase from debit

    b. Decrease to Unearned Revenue: Debit

    Liabilities account decrase from debit

    c. Decrease to Cash: Credit

    Assets account decrease from Credit

    d. Increase to Interest Expense: Debit

    Expenses are debited

    e. Increase to Salaries Payable: Credit

    Liabilities accounts increase from credit

    f. Decrease to Prepaid Rent: Credit

    Assets account decrease from Credit

    g. Increase to Proudfoot, Capital: Credit

    Equity account: Increase from Credit

    h. Increase to Notes Receivable Debit

    Assets account increase from debit

    i. Decrease to Accounts Payable: Debit

    Liabilities account decrase from debit

    j. Increase to Interest Revenue: Debit

    Expenses are debited
  2. 20 May, 20:44
    0
    (a) DR, (b) DR, (c) CR, (d) DR, (e) CR, (f) CR, (g) CR, (h) DR, (i) DR, (j) CR

    Explanation:

    (a) DR-This is an increase in current asset.

    (b) DR-This is a decrease in deferred income i. e currently a liability.

    (c) CR - This is an outflow of cash

    (d) DR-

    (e) CR-This represents increase in current liabilities.

    (f) CR-Prepaid rent is a current asset item. This represents decrease in current assets.

    (g) CR-

    (h) DR-Notes Receivable is a current asset item. Increase represents increase in current asset.

    (i) DR-Account payable is a current liability item. This represents decrease in current liability.

    (j) CR-Interest revenue is an income item. This represents increase increase in income
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