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Im having trouble understanding debuting and crediting if anyone can answer 1 or all of these questions it would be appreciated. Chapter 2 (Protected View)

Im having trouble understanding debuting and crediting if anyone can answer 1 or all of these questions it would be appreciated. image text in transcribed
Chapter 2 (Protected View) - Word (Unlicensed Product) n Layout Raferences Mailings Review View Help Tell me what you want to do ul.-files from the Internet can contain vituses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing the features of Word have been disabled. Reactivate 9) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $800. The cash account has a(n) a. $800 credit balance. b. $1,400 debit balance. C. $600 debit balance. d. $600 credit balance 10). Phast Mail Service purchased equipment for $2,000. Phast paid $500 in cash and signed a note for the balance. Phast debited the Equipment account, credited Cash and a. nothing further must be done. b. debited the Capital account for $1,500. c. credited another asset account for $500 d. credited a liability account for $1,500. 11) Madrid Industries purchased supplies for $1.200. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,200, a credit to a liability account for $700, Which of the following would be the correct way to complete the recording of the transaction? a. Credit an asset account for $500. b. Credit another liability account for $500 C. Credit the Capital account for $500. d. Debit the Capital account for $500. 12). On January 14. Maxine Industries purchased supplies of $900 on account. The entry to record the purchase will include a. a debit to Supplies and a credit to Accounts Payable. b. a debit to Supplies Expense and a credit to Accounts Receivable c. a debit to Supplies and a credit to Cash d. a debit to Accounts Receivable and a credit to Supplies 8 9

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