The Following Information Is Taken from the Accounting Records of Madeline

question 65

Essay

The following information is taken from the accounting records of Madeline Inc. for the year 2009. Missing information has been left blank. Inventory is the only supply that Madeline purchases on credit.


Required: Compute the missing amounts.

-

---

Definitions:

Debit Increases

Debit increases refer to the accounting principle where increases in assets, expenses, and losses are recorded on the debit side of a ledger.

Credit Decreases

In accounting, actions that decrease liabilities or increase assets, typically reflected in the credits column of a ledger.

Account

A record that summarizes financial transactions of a specific type, such as revenue, expenses, assets, or liabilities.

Credit

An accounting entry that increases a liability or equity account, or decreases an asset or expense account.