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
Homework Answers
Solution :
a. Tax expense - Expense - Nominal
b. Smith Drawings - Equity - Personal
c. Retained Earnings - Equity - Personal
d. Interest income - Revenue - Nominal
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2. For each of the following, insert TWO
answers. The first answer identifies the account type:...
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...
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For each of the following, insert a capital letter to identify the account as an (1)...
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10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity,...
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Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it...
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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
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Selected accounts appear below. For each account, indicate the following: Part a. In the first column, indicate the nature of each account using the following abbreviations: A for asset, L for liability, SE for stockholders' equity, R for revenue, E for expense, CA for contra asset, Cl. for contra liability. Part b. In the second column, indicate the normal balance using the following abbreviations: DR for debit and CR for credit (Parta) (Part b) Type of Normal Account Balance Income...
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