Homework Answers
| Serial | Account Title | Account Type | What Does Debit do to Account + or - | Normal Balance of Account Debit or Credit | Which Financial Statement? (Balance Sheet, Income Statement, Retained Earning) |
| 1 | Depreciation Expense | Expense | + | Debit | Income Statement |
| 2 | Mechandise Inventory | Asset | + | Debit | Balance Sheet |
| 3 | Cost of Goods Sold | Expense | + | Debit | Income Statement |
| 4 | Unearned Subscription Revenue | Liability | - | Credit | Balance Sheet |
| 5 | Service Revenue | Income | - | Credit | Income Statement |
| 6 | Retained Earning | Liability | - | Credit | Balance Sheet |
| 7 | Allowance for Doubtful Debts | Contra Asset | - | Credit | Balance Sheet |
| 8 | Interest Receivable | Asset | + | Debit | Balance Sheet |
| 9 | Patent | Asset | + | Debit | Balance Sheet |
| 10 | Notes Payable due is more than 1 year | Liability | - | Credit | Balance Sheet |
- Since Allowance for Doubtful Debts is always reduced from Accounts Receivable. Hence it is called Contra Asset Account.
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Problem 3 – Account Characteristics – 10 points
Account Title
Account Type
What does Debit
do...
1. For each of the following (1) identify the type of account as an asset, liability,...
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Account Title Balance Sheet or Income Statement account? (mark B/S or l/S) Asset, Liability, or Does...
Account Title Balance Sheet or Income Statement account? (mark B/S or l/S) Asset, Liability, or Does account increase Equity Account? on the Debit or the (A,L, or E) Credit? (mark DR or CR) Payroll Taxes Payable Premium on Bond Payable Sales Returns & Allowances Depreciation Expense Account Receivable Common Stock par Supplies Expense Dividends Payable Dividend Revenue Interest Expense Allowance for Doubtful Accounts Equity investments (trading) Franchise Brand Names Unearned Revenue Interest Revenue Gain from disposal of discontinued operation Accounts...
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit)...
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit) 8,500 12 500 Asser Balance Sheet Dehir a) Accounts Payable b) Accounts Receivable c) Beginning Balance Retained Earnings d) Cash c) Common Stock f) Dividends g) Equipment h) Land i) Notes Payable j) Prepaid Rent k) Salaries Expense 1) Service Revenue m) Supplies n) Supplies Expense o) Utilities Expense 16,500 25,000 12.000 45,000 32,000 12.000 1.200 Expense Income Statement Debir 50,000 125,000 1.800 4,000...
a im should pay off 14.Using the following table, enter the relevant categories of the given...
a im should pay off 14.Using the following table, enter the relevant categories of the given accounts, based on the example given. No. Account Title Classification Financial Statement in Normal Balance which it appears Ex. Accounts receivable Current asset Balance sheet Debit Accumulated Depreciation-Bldg. Fixed asset (contra) Balance sheet Credit Accounts payable Current liability Balance sheet Credit Dividend income received Other income Income statement Credit Dividends paid Retained earning Retained earnings statement Debit Interest charge on note payable Expense Income...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
B2-NORMAL BALANCE (9 points) Fill in the normal balance for each type of account. Credit Debit Type of Account Asse...
B2-NORMAL BALANCE (9 points) Fill in the normal balance for each type of account. Credit Debit Type of Account Assets Liabilities Contra-asset Share capital Retained earnings Dividends Revenues Expenses Gain R2
tion For the account "Accumulated Depreciation", identify each of the following in the order presented: equation...
tion For the account "Accumulated Depreciation", identify each of the following in the order presented: equation classification (asset, expense, dividends, liability, paid in capital, retained earnings, revenue) financial statement on which it is reported (income statement, retained earnings, balance sheet) normal balance (debit or credit) Please use the exact spelling from above. Your answer must be in the order presented above(equation classification, financial statement, normal balance) with the three parts separated by a comma. Do not put parenthesis.
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing,...
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...
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C....
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
Account Title Balance Sheet or Income Statement account? (mark B/S or l/S) Asset, Liability, or Does account increase Equity Account? on the Debit or the (A,L, or E) Credit? (mark DR or CR) Payroll Taxes Payable Premium on Bond Payable Sales Returns & Allowances Depreciation Expense Account Receivable Common Stock par Supplies Expense Dividends Payable Dividend Revenue Interest Expense Allowance for Doubtful Accounts Equity investments (trading) Franchise Brand Names Unearned Revenue Interest Revenue Gain from disposal of discontinued operation Accounts...
Part VIII: Identifying Account Balances Account Name Balance Type of Account Financial Statement Normal Balance (debit/credit) 8,500 12 500 Asser Balance Sheet Dehir a) Accounts Payable b) Accounts Receivable c) Beginning Balance Retained Earnings d) Cash c) Common Stock f) Dividends g) Equipment h) Land i) Notes Payable j) Prepaid Rent k) Salaries Expense 1) Service Revenue m) Supplies n) Supplies Expense o) Utilities Expense 16,500 25,000 12.000 45,000 32,000 12.000 1.200 Expense Income Statement Debir 50,000 125,000 1.800 4,000...
a im should pay off 14.Using the following table, enter the relevant categories of the given accounts, based on the example given. No. Account Title Classification Financial Statement in Normal Balance which it appears Ex. Accounts receivable Current asset Balance sheet Debit Accumulated Depreciation-Bldg. Fixed asset (contra) Balance sheet Credit Accounts payable Current liability Balance sheet Credit Dividend income received Other income Income statement Credit Dividends paid Retained earning Retained earnings statement Debit Interest charge on note payable Expense Income...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
B2-NORMAL BALANCE (9 points) Fill in the normal balance for each type of account. Credit Debit Type of Account Assets Liabilities Contra-asset Share capital Retained earnings Dividends Revenues Expenses Gain R2
tion For the account "Accumulated Depreciation", identify each of the following in the order presented: equation classification (asset, expense, dividends, liability, paid in capital, retained earnings, revenue) financial statement on which it is reported (income statement, retained earnings, balance sheet) normal balance (debit or credit) Please use the exact spelling from above. Your answer must be in the order presented above(equation classification, financial statement, normal balance) with the three parts separated by a comma. Do not put parenthesis.
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
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