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

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