Question

conect ACCOUNTING lance Post-chapter Assignment Question 7 (of 23) value 10.00 points As described in a recent annual report, Digital Diversions, Inc. (DDI) designs, develops, and distributes videogames for computers and advanced game systems. DDI has been operating for only one full year Required: For each of the following accounts from DDI'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. Balance Sheet Debit or Credit Classification Balance Account 1. Land 2. Retained Earnings 3. Notes Payable (due in three years) 4. Accounts Receivable 5. Supplies 6. Common Stock 7. Equipment 8. Accounts Payable 9. Cash 10. Income Taxes Payable

Answer 1

		Account	BS Classification	Debit or Credit Balance
	1	Land	NCA	Debit
	2	RE	SE	Credit
	3	Note Payable	NCL	Credit
	4	AR	CA	Debit
	5	Supplies	CA	Debit
	6	Common Stock	SE	Credit
	7	Equipment	NCA	Debit
	8	AP	CL	Credit
	9	Cash	CA	Debit
	10	Income Tax Payable	CL	Credit