The following are selected accounts and account balances of ABC Company on December 31, 2022. a....
The following are selected accounts and account balances of ABC Company on December 31, 2022.
a. Indicate whether the account is a permanent or temporary account.
b. Indicate the statement categories where the account is presented.
c. Indicate the normal balance in terms of debit or credit.
|
(a) Permanent or Temporary |
(b) Balance sheet. Income statement. Statement of retained earnings. |
(c) Normal Balance Debit/Credit |
|
|
Inventory |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
|
Wages Payable |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
|
Land |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
|
Capital Stock |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
|
Dividends |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
|
Cost of Goods Sold |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
|
Prepaid Expenses |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
|
Retained Earnings |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
|
Revenues |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
|
Unearned Revenue |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Permanent accountTemporary accountBalance sheetIncome statementStatement of retained earningsDebitCreditNone of above |
Homework Answers
| (a) | (b) | (c) | |
| Permanent or Temporary | Balance sheet, Income statement, Statement of retained earnings. |
Normal Balance Debit/Credit |
|
| Inventory | Permanent | Balance sheet | Debit |
| Wages Payable | Permanent | Balance sheet | Credit |
| Land | Permanent | Balance sheet | Debit |
| Capital Stock | Permanent | Balance sheet | Credit |
| Dividends | Temporary | Statement of retained earnings. | Debit |
| Cost of Goods Sold | Temporary | Income Statement | Debit |
| Prepaid Expenses | Permanent | Balance Sheet | Debit |
| Retained Earnings | Permanent | Balance Sheet | Credit |
| Revenues | Temporary | Income Statement | Credit |
| Unearned Revenue | Permanent | Balance Sheet | Credit |
Add Answer to:
The following are selected accounts and account balances of ABC
Company on December 31, 2022.
a....
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Marigold...
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Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
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Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Grouper...
Selected year-end account balances from the adjusted trial
balance as of December 31, 2022, for Grouper Corp. is provided
below.
Debit
Credit
Accounts Receivable
$84,220
Dividends
30,510
Depreciation Expense
15,310
Equipment
246,850
Salaries and Wages Expense
105,680
Accounts Payable
$61,480
Accumulated Depreciation—Equipment
133,170
Unearned Rent Revenue
26,560
Service Revenue
213,210
Rent Revenue
7,190
Rent Expense
4,180
Retained Earnings
71,690
Supplies Expense
1,620
Prepare closing entries. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually....
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Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Whispering Winds Corp. is provided below. Debit Credit Accounts Receivable Dividends $58,080 21,040 10,560 170,240 72,880 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue $42,400 91,840 18,320 147,040 4,960 Rent Revenue 2,880 Rent Expense Retained Earnings Supplies Expense 49,440 1,120 Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 147,040 Rent Revenue 4,960 Income Summary...
Selected year-end account balances from the adjusted trial
balance as of December 31, 2022, for Grouper Corp. is provided
below.
Debit
Credit
Accounts Receivable
$84,220
Dividends
30,510
Depreciation Expense
15,310
Equipment
246,850
Salaries and Wages Expense
105,680
Accounts Payable
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Accumulated Depreciation—Equipment
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Unearned Rent Revenue
26,560
Service Revenue
213,210
Rent Revenue
7,190
Rent Expense
4,180
Retained Earnings
71,690
Supplies Expense
1,620
Prepare closing entries. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually....
P 2-8 The following are selected accounts of Laura Gibson Company on December 31: Permanent (P) or Normal Balance (Dr.) Temporary (T) or (Cr.) Cash Accounts Receivable Equipment Accounts Payable Common Stock Sales Purchases Rent Expense Utility Expense Selling Expense Required In the space provided: 1. Indicate if the account is a permanent (P) or temporary (T) account. 2. Indicate the normal balance in terms of debit (Dr.) or credit (Cr.).
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