Question

As ames for Required: For each of the following accounts from Moonbilr's recent balance sheet, complete the following table Indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE), and whether the account usually has a debit (dr) or credit (cr) balance. or Account Classification 1. Supplies 2 Income Tax Payable 3. Notes Payable (due in three years) 4. Equipment 5. Accounts Payable 6. Accounts Receivable 8. Cash 9. Retai 10 Land

Answer 1

Solution:

Event	Account	Balance Sheet Classification	Debit or Credit Balance
1	Supplies	Current asset	Debit
2	Income taxes payable	Current liability	Credit
3	Notes Payable (Due in three years)	Non Current liability	Credit
4	Equipment	Non Current Asset	Debit
5	Accounts payable	Current liability	Credit
6	Accounts receivable	Current asset	Debit
7	Common stock	Stockholder's Equity	Credit
8	Cash	Current asset	Debit
9	Retained earnings	Stockholder's Equity	Credit
10	Land	Non Current Asset	Debit