Homework Answers
| Cost of goods sold | Expenses | Debit | |
| Common shares | Shareholders equity | Credit | |
| Advertising expense | Expenses | Debit | |
| Building | Assets | Debit | |
| Interest payable | Liabilities | Credit | |
| Dividends declared | Contra | Dividend declared | Debit |
| Cost of goods sold | Expenses | Debit | |
| Rent expense | Expenses | Debit | |
| Inventory | Assets | Debit | |
| Prepaid rent | Assets | Debit |
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Question 1 of 4 -75 For each of the following accounts, identify what type of account...
AP3 1A (Account types and normal balances) Required For each of the following accounts, identify what...
AP3 1A (Account types and normal balances) Required For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following abbreviations for account type (A - Asset, L- Liability, SE - Shareholders' equity, R - Revenue, E- Expense, and DD - Dividends declared). If the account is a contra account, put a "C" in front of the abbreviation. 1. Accounts payable 2. Interest revenue 3. Unearned revenue 4....
For each of the below accounts, identify the following: (a) the type of account (assets, liabilities,...
For each of the below accounts, identify the
following:
(a)
the type of account (assets, liabilities, shareholders’ equity
[specify common shares, dividends, revenues, or expenses)];
(b)
the normal balance of the account; and
(c)
on which financial statement (income statement, statement of
changes in equity, statement of financial position) Saputo would
likely report the account.
Account
(a)
Type of account
(b)
Normal Balance
(c)
Financial Statement
Bank loans payable
Buildings
Cash
Depreciation expense
Dividends declared
...
For each of the below accounts, identify the following: (a) [b (c) the type of account...
For each of the below accounts, identify the following: (a) [b (c) the type of account assets, liabilities, shareholders' equity (specify common shares, dividends, revenues, or expenses); the normal balance of the account; and on which financial statement (statement of income, statement of changes in equity, statement of financial position) Saputo would likely report the account. (a) Type of account (b) Normal Balance (c) Financial Statement Account Bank loans payable Buildings < < Cash 3 Depreciation expense > Dividends declared...
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
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders'...
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders' equity account; (b) the normal balance of the account; (c) whether a debit will increase or decrease the account; and (d) whether a credit will increase or decrease the account. (a) (c) (d) (b) Normal Balance Basic Type Debit Effect Credit Effect 1. Accounts Payable Accounts Receivable Liability 2. Asset 3. Cash Asset < 4. Common Shares Shareholders' Equity V 5. Deferred Revenue Liability...
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.
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
10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity,...
10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity, Revenue, or Expense) TYPE TYPE ACCOUNT T Accumulated Depreciation Contributed Capital Cost of Goods Sold Income Tax Expense Interest Expense Interest Payable Prepaid Interest Salaries Payable Unearned Rent ACCOUNT Inventory Accounts payable Land Rent receivable Income Tax Payable Building Wage expense Accounts receivable Equipment 11. (23 pts) Prepare a balance and an income statement for Price Company. The company's trial balance in alphabetical order)...
QUES CIUI 10 po Selected accounts appear below. For each account, indicate the following: Part a....
QUES CIUI 10 po Selected accounts appear below. For each account, indicate the following: Part a. In the first column, indicate the nature of each account using the following abbreviations: A for asset. L for liability, SE for stockholders' equity, R for revenue. E for expense, CA for contra asset, CL for contra liability, Part b. In the second column, indicate the normal balance using the following abbreviations: DR for debit and CR for credit (Parta) (Part b) Type of...
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...
AP3 1A (Account types and normal balances) Required For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following abbreviations for account type (A - Asset, L- Liability, SE - Shareholders' equity, R - Revenue, E- Expense, and DD - Dividends declared). If the account is a contra account, put a "C" in front of the abbreviation. 1. Accounts payable 2. Interest revenue 3. Unearned revenue 4....
For each of the below accounts, identify the
following:
(a)
the type of account (assets, liabilities, shareholders’ equity
[specify common shares, dividends, revenues, or expenses)];
(b)
the normal balance of the account; and
(c)
on which financial statement (income statement, statement of
changes in equity, statement of financial position) Saputo would
likely report the account.
Account
(a)
Type of account
(b)
Normal Balance
(c)
Financial Statement
Bank loans payable
Buildings
Cash
Depreciation expense
Dividends declared
...
For each of the below accounts, identify the following: (a) [b (c) the type of account assets, liabilities, shareholders' equity (specify common shares, dividends, revenues, or expenses); the normal balance of the account; and on which financial statement (statement of income, statement of changes in equity, statement of financial position) Saputo would likely report the account. (a) Type of account (b) Normal Balance (c) Financial Statement Account Bank loans payable Buildings < < Cash 3 Depreciation expense > Dividends declared...
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
For each of the following accounts, indicate (a) whether it is an asset, liability, or shareholders' equity account; (b) the normal balance of the account; (c) whether a debit will increase or decrease the account; and (d) whether a credit will increase or decrease the account. (a) (c) (d) (b) Normal Balance Basic Type Debit Effect Credit Effect 1. Accounts Payable Accounts Receivable Liability 2. Asset 3. Cash Asset < 4. Common Shares Shareholders' Equity V 5. Deferred Revenue Liability...
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.
10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity, Revenue, or Expense) TYPE TYPE ACCOUNT T Accumulated Depreciation Contributed Capital Cost of Goods Sold Income Tax Expense Interest Expense Interest Payable Prepaid Interest Salaries Payable Unearned Rent ACCOUNT Inventory Accounts payable Land Rent receivable Income Tax Payable Building Wage expense Accounts receivable Equipment 11. (23 pts) Prepare a balance and an income statement for Price Company. The company's trial balance in alphabetical order)...
QUES CIUI 10 po Selected accounts appear below. For each account, indicate the following: Part a. In the first column, indicate the nature of each account using the following abbreviations: A for asset. L for liability, SE for stockholders' equity, R for revenue. E for expense, CA for contra asset, CL for contra liability, Part b. In the second column, indicate the normal balance using the following abbreviations: DR for debit and CR for credit (Parta) (Part b) Type of...
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