Homework Answers
Classification
| Eq | Owner capital |
| A | Account receivable |
| Eq | Owner drawing |
| R | Sales |
| R | Service revenue |
| Exp | Rent expense |
| A | Equipment |
| A | Prepaid insurance |
| L | Account payable |
| A | Supplies |
| A | Cash |
| L | Unearned revenue |
Classification
| BS | Wages payable | IS | Rent expense |
| BS | Account payable | IS | Service revenue |
| IS | Salaries expense | BS | Cash |
| BS | Notes receivable | BS | Office equipment |
| BS | Unearned revenue | BS | Owner, capital |
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Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing...
44. The following accounts appear on either the Income Statement (15) or Balance Sheet (BS). In...
44. The following accounts appear on either the Income Statement (15) or Balance Sheet (BS). In the space to the left of each account, write the letters, IS or BS to identify the statement on which the account appears. 1. Office Equipment 2. Rent Expense 3. Unearned Fees Revenues 4. Rent Expense 5. Accounts Payable 6. Owner, Capital 7. Fees Revenue 8. Cash 9. Notes Receivable 10. Wages Payable
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
obligations to transfera don against assets creditors individual Chapter 2: Essay Questions 42. Identify each of...
obligations to transfera don against assets creditors individual Chapter 2: Essay Questions 42. Identify each of the following accounts as a revenue (R), expense (E), asset (A), Viability (L) or equity (OE) by placing initials (R.E.A.L or OE) in the blanks 1. Salary Expense 2. Cash 3. Equipment 4. Owner, Capital 5. Fees Revenue 6. Accounts Receivable 7. Accounts Payable 8. Owner, Withdrawals 9. Supplies 10. Unearned Revenue 11. Prepaid Insurance 12. Office Furniture
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...
For each of the following (1) identify the type of account as an asset, liability, equity,...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Liability Normal Balance increase (Dr. or Cr.) Credit Credit Account a. Accounts Payable b. Consulting Revenue c. Salaries Expense d. Utilities Expense e. Prepaid Rent f. Wages Payable 9. Notes...
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
Consider the following accounts and identify each account as an asset (A), liability (L), or equity...
Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). a. Notes Receivable А b. Nunez, Captial c. Prepaid Insurance d. Notes Payable e. Rent Revenue For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). a. Increase to Accounts Receivable b. Decrease to Unearned Revenue c. Decrease to Cash y d. Increase to Interest Expense e. Increase to Salaries Payable s
For each of the following (1) identify the type of account as an asset, lability, equity,...
For each of the following (1) identify the type of account as an asset, lability, equity, revenue, or expense. (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance Type of Account Normal Balance Increase (Dr. or Cr.) a. Land b. Cash c. Legal Expense d. Prepaid Insurance e Accounts Receivable f Owner, Withdrawals g License Fee Revenue h. Unearned Revenue i...
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)...
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account....
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. A a. Store Supplies b. Prepaid Rent C. Furniture d. Common Stock e. Loan EQ f. Unearned Revenue 9. Equipment h. Note Payable i. Office Supplies A
44. The following accounts appear on either the Income Statement (15) or Balance Sheet (BS). In the space to the left of each account, write the letters, IS or BS to identify the statement on which the account appears. 1. Office Equipment 2. Rent Expense 3. Unearned Fees Revenues 4. Rent Expense 5. Accounts Payable 6. Owner, Capital 7. Fees Revenue 8. Cash 9. Notes Receivable 10. Wages Payable
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
obligations to transfera don against assets creditors individual Chapter 2: Essay Questions 42. Identify each of the following accounts as a revenue (R), expense (E), asset (A), Viability (L) or equity (OE) by placing initials (R.E.A.L or OE) in the blanks 1. Salary Expense 2. Cash 3. Equipment 4. Owner, Capital 5. Fees Revenue 6. Accounts Receivable 7. Accounts Payable 8. Owner, Withdrawals 9. Supplies 10. Unearned Revenue 11. Prepaid Insurance 12. Office Furniture
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Liability Normal Balance increase (Dr. or Cr.) Credit Credit Account a. Accounts Payable b. Consulting Revenue c. Salaries Expense d. Utilities Expense e. Prepaid Rent f. Wages Payable 9. Notes...
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
Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). a. Notes Receivable А b. Nunez, Captial c. Prepaid Insurance d. Notes Payable e. Rent Revenue For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). a. Increase to Accounts Receivable b. Decrease to Unearned Revenue c. Decrease to Cash y d. Increase to Interest Expense e. Increase to Salaries Payable s
For each of the following (1) identify the type of account as an asset, lability, equity, revenue, or expense. (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance Type of Account Normal Balance Increase (Dr. or Cr.) a. Land b. Cash c. Legal Expense d. Prepaid Insurance e Accounts Receivable f Owner, Withdrawals g License Fee Revenue h. Unearned Revenue i...
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)...
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. A a. Store Supplies b. Prepaid Rent C. Furniture d. Common Stock e. Loan EQ f. Unearned Revenue 9. Equipment h. Note Payable i. Office Supplies A
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