What account should be debited and credited in june and july

Assignment Help Financial Accounting

Reference no: EM13899969

1. What is the effect (increase or decrease) of a credit to a revenue account (a) in terms of stockholders' equity and (b) in terms of revenue?

2. Regan Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of August 31 has a credit balance of $1,200, and there is no undeposited cash on hand. (a) Assuming that no errors occurred during journalizing or posting, what caused this unusual balance? (b) Is the $1,200 credit balance in the cash account an asset, a liability, stockholders' equity, a revenue, or an expense?

3. Tull Company performed services in June for a specific customer for a fee of $2,230. Payment was received the following July. (a) Was the revenue earned in June or July? (b) What accounts should be debited and credited in (1) June and (2) July?

Reference no: EM13899969

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