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`i need these solved EX 2-4 Rules of debit and credit The following table summarizes the rules of debit and credit. For each of the
`i need these solved
EX 2-4 Rules of debit and credit The following table summarizes the rules of debit and credit. For each of the items (a) through (D, indicate whether the proper answer is a debit or a credit. OBJ. 1, 2 Increase Decrease Normal Balance Balance sheet accounts: Debit Stockholders' equity: Common Stock Retained Earnings h) Credit Debit Credit Income statement accounts: Debit EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Fees Earned OBJ. 2 5. Insurance Expense 6. Dividends 7. Utilities ExpenseStep by Step Solution
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