Homework Answers
Retained Earning are from 3 category that is Equity because this is surplus that business has generated and belongs to the owners. Hence part of equity.
Smith, drawing is from 3 category that is Equity because this is the amount withdraw by partner during the year and is reduced from capital account. Hence part of equity.
Smith, capital is from 3category that is Equity because this amount belongs to owner as it is contributed and earned by him.
Account recievable is from 1 category that is Assets because this is the amount recievable by business from it's customer, so these are assets for the business.
Interest recievable is from 1category that is Assets because this is the interest recievable by business for amount lent, so these are assets for the business.
Wages payable is from 2 category that is liability because this is the amount due by business to it's workers , so these are liability for the business.
Cash is from 1 category that is an assets because this is the amount of money held by business which can be used to purchase anything.
Taxes payable is from 2category that is liability because this is the amount due by business to tax department and to be paid by business.
Land is from 1category that is Assets because it is on which business perform its operations and generate income.
Building is from 1category that is Assets because it is under which business conduct its operations and manage it's operations.
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For each of the following, insert a capital letter to identify the account as an (1)...
2 3 5 1-4. Real and nominal accounts; account type. For each of the following, insert...
2 3 5 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N) 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 10. Interest income 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense
MacBook Air 40 /스 athel 1-4. Real and nominal accounts; account type. For each of the...
MacBook Air 40 /스 athel 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N). over 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense 10. Interest...
2. For each of the following, insert TWO answers. The first answer identifies the account type:...
2. For each of the following, insert TWO answers. The first answer identifies the account type: asset, liability, equity, revenue, or expense. The second answer identifies the account as real or nominal. a. Tax expense b. Smith, Drawings c. Retained earnings d. Interest income
Identify the following as an asset (A), liability (L), or equity (E) by writing the letter...
Identify the following as an asset (A), liability (L), or equity (E) by writing the letter of the correct classification in the space provided. Account Classification A. Contributed capital B. Office equipment C. Accounts payable D. Common stock E. Cash F. Accounts receivable G. Wages payable H. Deferred revenue
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing...
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing initials (R, Exp. A, L or Eq) in the blanks. Place your answers on the data sheet. (1) Owner, capital (2) Accounts Receivable (3) Owner, drawings Sales (5) Service Revenue (6) Rent Expense (7) Equipment (8) Prepaid Insurance (9) Accounts Payable (10) Supplies (11) Cash (12) Unearned Revenue The following accounts appear on either the Income Statement (IS) or Balance Sheet (BS). In the...
1. For each of the following (1) identify the type of account as an asset, liability,...
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The following is a list of accounts commonly seen in financial statements. Identify whether each account...
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2. For each of the following items that appear on the balance sheet, identify each as...
2. For each of the following items that appear on the balance sheet, identify each as an asset (A). liability (L), or element of stockholders' equity (SE). For any item that would not appear on the balance sheet, write the letter, N. Retained earnings Accounts payable Selling expense Common stock Accounts receivable Income tax expense Dividends Property and equipment
For each of the following (1) identify the type of account as an asset, lability, equity,...
For each of the following (1) identify the type of account as an asset, lability, equity, revenue, or expense. (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance Type of Account Normal Balance Increase (Dr. or Cr.) a. Land b. Cash c. Legal Expense d. Prepaid Insurance e Accounts Receivable f Owner, Withdrawals g License Fee Revenue h. Unearned Revenue i...
The following is a list of accounts commonly seen in financial statements. Identify whether each account...
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Property, plant, and Equipment Inventories Long-Term Debt Cost of Goods Sold Retained Earnings Research and Development Prepaid Expense Common Stock Accounts Receivable
2 3 5 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N) 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 10. Interest income 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense
MacBook Air 40 /스 athel 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N). over 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense 10. Interest...
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing initials (R, Exp. A, L or Eq) in the blanks. Place your answers on the data sheet. (1) Owner, capital (2) Accounts Receivable (3) Owner, drawings Sales (5) Service Revenue (6) Rent Expense (7) Equipment (8) Prepaid Insurance (9) Accounts Payable (10) Supplies (11) Cash (12) Unearned Revenue The following accounts appear on either the Income Statement (IS) or Balance Sheet (BS). In the...
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Liability Property, Plant, and Equipment Ass Expense Inventories Equity Long-Term Debt Revenue Cost of Goods Sold Liability Retained Earnings Research and Development Asset Exp Prepaid Expense Equity Common Stock Accounts Receivable Asset
2. For each of the following items that appear on the balance sheet, identify each as an asset (A). liability (L), or element of stockholders' equity (SE). For any item that would not appear on the balance sheet, write the letter, N. Retained earnings Accounts payable Selling expense Common stock Accounts receivable Income tax expense Dividends Property and equipment
For each of the following (1) identify the type of account as an asset, lability, equity, revenue, or expense. (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance Type of Account Normal Balance Increase (Dr. or Cr.) a. Land b. Cash c. Legal Expense d. Prepaid Insurance e Accounts Receivable f Owner, Withdrawals g License Fee Revenue h. Unearned Revenue i...
The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Property, plant, and Equipment Inventories Long-Term Debt Cost of Goods Sold Retained Earnings Research and Development Prepaid Expense Common Stock Accounts Receivable
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