Question

The financial statements of Apple Inc. in Appendix A contain the following selected accounts, all in thousands of dollars. Click here to view Appendix A. Common Stock $35,867 Accounts Payable 49,049 Accounts Receivable 17,874 Selling, General, and Administrative Expenses 15,261 Inventories 4,855 Net Property, Plant, and Equipment 33,783 Net Sales 229,234 (a) What is the increase and decrease side for each account

Answer 1

Answer:

Account                                    Increase Side      Decrease  side

Common Stock                             Credit               Debit  

Accounts Payable                         Credit               Debit

Accounts receivable                     Debit                Credit

Selling General and                      Debit                Credit

admin expense    

Inventories                                     Debit                Credit  

Net Property, Plant                        Debit                Credit

and equipment            

Net Sales                                        Credit               Debit