Below are selected accounts found in the financial statements of Jie Han, Architect.
Indicate (a) whether each of the following items, listed in random order, is an asset, liability, or part of owner's equity; and (b) which financial statement—income statement, statement of owner's equity, or balance sheet—it would be reported on.
Account | (a) | (b) | ||
1. | Furniture | AssetOwner's EquityLiability | Income StatementBalance SheetStatement of Owner's Equity | |
2. | Equipment | Owner's EquityAssetLiability | Income StatementStatement of Owner's EquityBalance Sheet | |
3. | Rent expense | LiabilityAssetOwner's Equity | Balance SheetStatement of Owner's EquityIncome Statement | |
4. | Salaries payable | LiabilityOwner's EquityAsset | Statement of Owner's EquityIncome StatementBalance Sheet | |
5. | Accounts payable | LiabilityAssetOwner's Equity | Income StatementBalance SheetStatement of Owner's Equity | |
6. | Interest expense | LiabilityOwner's EquityAsset | Income StatementStatement of Owner's EquityBalance Sheet | |
7. | J. Han, drawings | LiabilityAssetOwner's Equity | Balance SheetIncome StatementStatement of Owner's Equity | |
8. | Salaries expense | LiabilityOwner's EquityAsset | Income StatementStatement of Owner's EquityBalance Sheet | |
9. | Cash | AssetOwner's EquityLiability | Balance SheetStatement of Owner's EquityIncome Statement | |
10. | Rent expense | LiabilityOwner's EquityAsset | Statement of Owner's EquityBalance SheetIncome Statement | |
11. | Accounts receivable | Owner's EquityAssetLiability | Balance SheetIncome StatementStatement of Owner's Equity | |
12. | Supplies | Owner's EquityLiabilityAsset | Income StatementStatement of Owner's EquityBalance Sheet | |
13. | Service revenue | AssetOwner's EquityLiability | Income StatementStatement of Owner's EquityBalance Sheet | |
14. | Advertising expense | Owner's EquityLiabilityAsset | Statement of Owner's EquityBalance SheetIncome Statement | |
15. | J. Han, capital (opening balance) | AssetOwner's EquityLiability | Statement of Owner's EquityIncome StatementBalance Sheet | |
16. | Utilities expense | AssetLiabilityOwner's Equity | Balance SheetIncome StatementStatement of Owner's Equity | |
17. | Supplies expense | AssetOwner's EquityLiability | Balance SheetStatement of Owner's EquityIncome Statement | |
18. | Interest payable | LiabilityAssetOwner's Equity | Income StatementStatement of Owner's EquityBalance Sheet |
Below are selected accounts found in the financial statements of Jie Han, Architect. Indicate (a) whether...
Below are selected accounts found in the financial statements of Jie Han, Architect. Indicate (a) whether each of the following items, listed in random order, is an asset, liability, or part of owner's equity; and (b) which financial statement—income statement, statement of owner's equity, or balance sheet—it would be reported on. Account (a) (b) 1. Furniture AssetLiabilityOwner's Equity ...
The following accounts, in alphabetical order, were selected from recent financial statements of Krispy Kreme Doughnuts, Inc. For each account, indicate whether the normal balance is a debit or a credit, and the financial statement—balance sheet or income statement—where the account should be presented. Account Normal Balance Financial statement Accounts payable Select a normal balance CreditDebit Select a financial statement ...
--/10 Question 6 View Policies Current Attempt in Progress Below are some items found in the financial statements of Petra Zizler. Orthodontist. Indicate (a) whether each of the above items is an asset, liability, or part of owner's equity: and (b) which financial statement-income statement statement of owner's equity, or balance sheet-it would be reported on. The first one has been done for you as an example (a) (b) 1 Accounts payable Liability Balance Sheet 2. Accounts receivable abili 3...
Font Paragraph Styles Q1: Categorize the following accounts into the table below. Note that certain accounts may appear in multiple columns. Accounts Receivable Equipment Interest Income Maintenance Expense Owner's Equity, End. Balance Rent Revenue Unearned Revenue Withdrawals Accounts Payable Fuel Expense Interest Payable Merchandise Inventory Prepaid Expenses Salaries Expense Utilities Expense Advertising Expense Furniture Interest Receivable Notes Payable Prepaid Rent Salaries Payable Vehicle Building Cash Insurance Expense Interest Expense Investment by Owner Land Other Expenses Owner's Equity, Beg. Balance Profit/Loss...
Identification of Accounts E6A. I. Indicate whether each of the following accounts is an asset (A), a liability (L), or a LO3 part of owner's equity (OF) a. Building b Salaries Payable e. Cash f. Accounts Payable g Equipment Accounts Receivable d. Owner's Capital 2. Indicate whether each account that follows would be shown on the income state ment (IS), the statement of owner's equity (OE), or the balance sheet (BS). a. Commissions Earned b. Automobile c Utilities Expense e....
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing, revenue, or expense), the normal balance (debit or credit), and which financial statement you would find the account on (income statement, owner’s equity statement, or balance sheet). Type of Account Normal Balance Financial Statement A Cash B Accounts Payable C Rent Expense D Accumulated Depreciation E Interest Revenue F Notes Payable G Advertising Expense H Owner's Drawings I Equipment J Owner's Capital K Sales...
Prepare trial balance and financial statements EZT (LO 4) AP A list of accounts and their balances of O'Neill's Psychological Services, at its year end July 31, 2021, is presented below. Supplies $ 790 Notes Payable $22.960 Unearned Revenue 1,350 Salaries Expense 45,540 Supplies Expense 5,960 T. O'Neill, Drawings 57.980 Cash 6,470 • Equipment 58,900 Accounts Receivable 7,340 T. O'Neill, Capital 64,340 Accounts Payable 9,030 Service Revenue 96,180 Rent Expense 10,880 Instructions a. Prepare a trial balance in financial statement...
B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Accounts Cash Sky, Capital Supplies Sky, Drawings Salaries expense Advertising expense Depreciation expense $3,000,000 1,000,000 600,000 200,000 1,000,000 200,000 300,000 Accounts receivable Accounts payable Equipment Revenues Rent expense Utilities expense $600,000 2,200,000 1,600,000 5,000,000 200,000 500,000 | Required: Prepare the income statement, statement of owner's equity and balance sheet of Sky Company on December 31, 2019. (KN2:3 marks)
B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Accounts Cash Sky, Capital Supplies Sky, Drawings Salaries expense Advertising expense Depreciation expense $3,000,000 1,000,000 600,000 200,000 1,000,000 200,000 300,000 Accounts receivable Accounts payable Equipment Revenues Rent expense Utilities expense $600,000 2,200,000 1,600,000 5,000,000 200,000 500,000 | Required: Prepare the income statement, statement of owner's equity and balance sheet of Sky Company on December 31, 2019. (KN2:3 marks)
B2: The following financial information belongs to Sky Company on December 31, 2019: Accounts Cash Sky, Capital Supplies Sky, Drawings Salaries expense Advertising expense Depreciation expense $3,000,000 1,000,000 600,000 200,000 1,000,000 200,000 300,000 Accounts Accounts receivable Accounts payable Equipment Revenues Rent expense Utilities expense $600,000 2,200,000 1,600,000 5,000,000 200,000 500,000 Required: Prepare the income statement, statement of owner's equity and balance sheet of Sky Company on December 31, 2019. (KN2:3 marks)