Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it...
Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on:
| Account | Account Type | Financial Statement |
| 1. Cost of Goods Sold | ||
| 2. Inventory | ||
| 3. Retained Earnings | ||
| 4. Accounts Payable | ||
| 5. Land | ||
| 6. Dividends | ||
| 7. Service Revenue | ||
| 8. Prepaid Expense | ||
| 9. Long Term Debt | ||
| 10. Common Shares
|
Homework Answers
| Accounts | Account type | Financial statement | |
| 1 | Cost of goods sold | Expense | Income statement |
| 2 | Inventory | Asset | Balance sheet |
| 3 | Retained earnings | Equity | Balance sheet |
| 4 | Accounts payable | Liability | Balance sheet |
| 5 | Land | Asset | Balance sheet |
| 6 | Dividends | Equity | Balance sheet |
| 7 | Service revenue | Revenue | Income statement |
| 8 | Prepaid expense | Asset | Balance sheet |
| 9 | Long term Debt | Liability | Balance sheet |
| 10 | Common stock | Equity | Balance sheet |
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Classify each account type (asset, liability, equity, revenue or
expense), and identify which financial statement it...
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial...
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Land 2. 3. 4. 5. 6. Cost of Goods Sold Prepaid Expenses Common Shares Sales Revenue Long Term Debt Accounts Receivable Salary Expense Accounts Payable Dividends 7. 8. 9. 10.
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
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
The following is a list of accounts commonly seen in financial statements. Identify whether each account...
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indicate whether the account is an Asset, a Liability, an Owners Equity, a Revenue, or an...
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The following is a list of accounts commonly seen in financial statements. Identify whether each account...
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For each of the following (1) identify the type of account as an asset, liability, equity,...
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Problem 1 Classify each of the following accounts as an asset (A), liability (L), or equity...
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10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity,...
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The following is a list of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, a liability, or an equity account, or whether it appears on the income statement as a revenue or an expense. Account Accounts Payable Liability Property, Plant, and Equipment Ass Expense Inventories Equity Long-Term Debt Revenue Cost of Goods Sold Liability Retained Earnings Research and Development Asset Exp Prepaid Expense Equity Common Stock Accounts Receivable Asset
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