The premium on bonds payable account is a(n) 1. Revenue account 2. Adjunct liability account 3....
The premium on bonds payable account is a(n)
1. Revenue account
2. Adjunct liability account
3. Contra revenue account
4. Contra asset account
. Equity account
Homework Answers
The correct answer is
2) Adjunct liability account
Explaination
Premium on bond payable is a adjunct liability account to bond payable account, when ever bonds are issued at premium, then this adjunct liability account is created which is amortized over the life of the bond.This is not a contra account account as it is not netted with liability, infact it increases the liability and it is not a revenue account or equity account as its nature does not matches which these terms.
For any help please comment in the comment box
Thank You
Add Answer to:
The premium on bonds payable account is a(n)
1. Revenue account
2. Adjunct liability account
3....
Name of contra account Name of adjunct account (applies only to 2) Accounts Receivable Inventory Note...
Name of contra account Name of adjunct account (applies only to 2) Accounts Receivable Inventory Note Receivable Equipment Investment in Stocks Deferred Tax Assets Note Payable Owners’ equity also has a well-known contra account.
Question 4 The account Dividends Payable is ________. debited on the date of declaration a liability...
Question 4 The account Dividends Payable is ________. debited on the date of declaration a liability on a balance sheet prepared between the date of declaration and the date of payment not a legal liability of the company credited on the date of payment a contra account found in the stockholders' equity section of the balance sheet
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account...
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account b. Asset account O C. Expense account O d. None of the above e Liability account
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
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.
Selected accounts appear below. For each account, indicate the following: Part a. In the first column,...
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 Normal Account Balance Income...
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
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies...
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies 4. Prepaid insurance 5. Equipment 6. Accounts payable 7. Deferred (Unearned) service revenue 8. Notes payable 9. Common stock 10. Consulting revenue 11. Salaries expense 12. lease expense
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;
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.
For each of the following (1) identify the type of account as an asset. liability, equity, revenue, or expense:
Exercise 2-4 Identifying type and normal balances of accounts LO C4 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.
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account b. Asset account O C. Expense account O d. None of the above e Liability account
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
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.
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 Normal Account Balance Income...
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies 4. Prepaid insurance 5. Equipment 6. Accounts payable 7. Deferred (Unearned) service revenue 8. Notes payable 9. Common stock 10. Consulting revenue 11. Salaries expense 12. lease expense
Most questions answered within 3 hours.
-
Assume that all interest rates in the economy increase from 9
percent to 10 percent. Which...
asked 5 minutes ago -
Describe the function of a Change Control Board.
When calculating Planned Value (PV), what is the...
asked 10 minutes ago -
The customer help center in your company receives calls from
customers who need help with some...
asked 21 minutes ago -
A manufacturer wished to compare the wearing qualities of two
different types of automobile tires, A...
asked 20 minutes ago -
Write a MATLAB script file that will sum all the positive
entries in V and stop...
asked 28 minutes ago -
The objective of this assignment is to demonstrate an
understanding of key course concepts and reflect...
asked 30 minutes ago -
A plant's flower colour is determined by the pathway shown
below:
white1 ----Gene A----->
white2----Gene
B---->Blue...
asked 36 minutes ago -
Sketch an acceleration-versus-time
graph for an object, starting with some initial speed, traveling on
a flat...
asked 43 minutes ago -
Bi2O3(s) + 2C (s) yields 2 Bi (s) + 3 CO (g)
What substances are in...
asked 51 minutes ago -
Describe the relationship between the free energy change for a
spontaneous process and the amount of...
asked 46 minutes ago -
Overproduction of uric acid in the body can be an indication of
cell breakdown. This may...
asked 1 hour ago -
I very foolishly got in a fight with Big Joe during our last
basketball game. He...
asked 1 hour ago