Homework Answers
**Assign an account no.- No sufficent information is given for assign an account no. Check previous Part I/II. If you have any specific information about that. Immediately drop your msg.
Generally, Account no. assigned based on chart of accounts. This chart of accounts and account numbers that identify their location in the ledger.
*Assets = Starts from 100-199;
*Liabities = Starts from 200-299;
*Equity = Starts from 300-399;
*Revenues = Starts from 400 series;
*Expenses = Starts from 500-999 series.
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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
Signature DR Account Type S-T ASSET 53.000 3.000 2.000 Account Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Interest Payable Unearned Service Revenue Notes Payable, Due 5/1/2018 Common Stock Dividends Retained Earnings, 1/1/2015 Service Revenue Rent Expense Wages Expense Interest Expense Depreciation Expense -- Equipment TOTALS Balance 53,000 20,000 4,000 50,500 5,500 3,000 2,000 1,000 2.000 22,500 42,000 1,000 6,000 72,000 6,000 17,000 1,000 3,500 $312,000
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