Question

Identify the appropriate QBO account type for the following general ledger accounts in a law firm. Prepaid expenses Expenses
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution:

Prepaid Expenses Current Assets
Interest Payable Current liabilities
Gain on sale of office equipment Other Revenues
Office furniture Fixed Assets
Accumulated depreciation Fixed Assets
Inventory Current Assets
Add a comment
Know the answer?
Add Answer to:
Identify the appropriate QBO account type for the following general ledger accounts in a law firm....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Complete the general ledger accounts to calculate cash received from the sale of furniture. 2018 CRUZ,...

    Complete the general ledger accounts to calculate cash received from the sale of furniture. 2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation-Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,780 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value...

  • Journal Entries Chart of Accounts General Journal T-Accounts 7 10 15 Made sales of $2.000 on...

    Journal Entries Chart of Accounts General Journal T-Accounts 7 10 15 Made sales of $2.000 on credit the cost of the inventory sold was $1.200. Purchased $1,000 inventory for cash Purchased new office equipment costing $4.000, paying $1.500, and signing a day note for the balance Received check for June 7 credit sal Made cash sales of 54.200; the cost of the inventory sold was $2,300 Purchased $2,600 of Inventory on credit Returned $200 of detective nventory from the June...

  • For each of the below accounts, identify the following: (a) the type of account (assets, liabilities,...

    For each of the below accounts, identify the following: (a) the type of account (assets, liabilities, shareholders’ equity [specify common shares, dividends, revenues, or expenses)]; (b) the normal balance of the account; and (c)    on which financial statement (income statement, statement of changes in equity, statement of financial position) Saputo would likely report the account. Account (a) Type of account (b) Normal Balance (c) Financial Statement Bank loans payable    Buildings    Cash    Depreciation expense    Dividends declared   ...

  • For each of the below accounts, identify the following: (a) [b (c) the type of account...

    For each of the below accounts, identify the following: (a) [b (c) the type of account assets, liabilities, shareholders' equity (specify common shares, dividends, revenues, or expenses); the normal balance of the account; and on which financial statement (statement of income, statement of changes in equity, statement of financial position) Saputo would likely report the account. (a) Type of account (b) Normal Balance (c) Financial Statement Account Bank loans payable Buildings < < Cash 3 Depreciation expense > Dividends declared...

  • Can you make a balance sheet using the following information: General Ledger Accounts Title Debit Credit Cash 468,236,1...

    Can you make a balance sheet using the following information: General Ledger Accounts Title Debit Credit Cash 468,236,170 Accounts Receivable 47,294,000 Allowance for Bad Debts 1,181,880 Inventory 13,556,530 Notes Receivable 400,000 Accumulated Depreciation 74,937,000 Equipment 114,940,000 Buildings 1,000,000 Land 2,914,300 Patents 180,000 Accumulated Amortization 53,000 Interest Receivable 4,666 Prepaid Insurance Expense Accounts Payable 10,000 95,550,000 Unearned Rent Revenue Common Stock 120,006,500 APIC-Common Stock 266,266,500 Retained Earnings 73,230,000 65,421,000 10,000 Sales Revenue Rent Revenue 4,666 Interest Revenue Loss on Sale of...

  • Part 2 (25 Points): The following general ledger accounts are included in the trial balance for...

    Part 2 (25 Points): The following general ledger accounts are included in the trial balance for an audit client, Jenkins Wholesale Office Supply Store. Accounts payable Accounts receivable Accrued interest expense Accrued sales salaries Insurance expense Interest expense Notes payable Prepaid insurance Inventory Loans payable furniture and equipment Notes receivable-trade Advertising expense Allowance for doubtful accounts Bad debt expense Cash Common stock Depreciation expense furniture Property tax expense Property tax payable Purchases Rent expense Retained earnings Salaries, office and general...

  • CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest...

    CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Trucks 124 Accumulated Depreciation-Trucks 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE...

  • How would these accounts be listed in the Balance sheet such as Current Assets, Current Liabilities..etc Cash Accounts R...

    How would these accounts be listed in the Balance sheet such as Current Assets, Current Liabilities..etc Cash Accounts Receivable Prepaid Insurance Prepaid Rent Software Inventory Office Supplies Equipment - Computer Accumulated Depreciation - Computer Furniture Accumulated Depreciation - Furniture Accounts Payable Salaries Payable Refund Payable unearned revenue Owner's, Capital Owner's, Withdrawals Cost of Goods Sold Estimated Returns Inventory Sales Revenue Service Revenue Thank you.

  • The following selected accounts and their current balances appear in the ledger of Clairemont Co. for...

    The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $123,500 Retained Earnings 544,200 Accounts Receivable 335,100 Dividends 73,900 Inventory 375,300 Sales $4,522,400 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,615,800 Office Supplies 11,600 Sales Salaries Expense 735,600 Prepaid Insurance 9,000 Advertising Expense 202,300 Office Equipment 271,700 Depreciation Expense—    Store Equipment 39,400 Accumulated Depreciation—    Office Equipment 184,600 Miscellaneous Selling Expense 17,300 Store Equipment 848,200 Office...

  • The following accounts and their current balances appear in the ledger of Cerelat Co. at the...

    The following accounts and their current balances appear in the ledger of Cerelat Co. at the end of its fiscal year, June 30. Cerelat uses a periodic inventory system. Cash $450,000 Sales 1,600,000 Accounts Receivable 650,000 Purchases 850,000 Inventory 850,000 Purchases Returns and Allowances 7,000 Estimated Returns Inventory 15,000 Purchases Discounts 3,500 Office Supplies 8,000 Freight In 16,000 Prepaid Insurance 8,500 Sales Salaries Expense 210,000 Office Equipment 900,000 Advertising Expense 100,000 Accumulated Depreciation-Office Equipment 600,000 Depreciation Expense-Store Equipment 48,000 Store...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT