Homework Answers
Solution
| Accounts | Classification |
| Computers | Asset |
| Amounts that customer owe the company | Asset |
| Land | Asset |
| Owe on account | Liability |
| Accrued Expenses | Liability |
| Retained earnings | Owner's Equity |
| Trademarks | Asset |
| Cost of goods sold | Expense |
| Providing Goods to customers | Revenue |
| Salaries to employee | Expense |
| Equipment | Asset |
| Interest payable | Liability |
| Owe the bank | Liability |
| Investments | Asset |
| Common stock | Owner's Equity |
| Advertising | Expense |
| Cash | Asset |
| Dividends paid | Owner's Equity |
| Items held to sell to customer | Asset |
| Providing services to customers | Revenue |
| Prepaid insurance expense | Asset |
Add Answer to:
indicate whether the account is an Asset, a Liability, an Owners Equity, a Revenue, or an...
Label as a current asset, current liability, non-current asset, non-current liability, or owners equity as appears...
Label as a current asset, current liability, non-current asset, non-current liability, or owners equity as appears on a balance sheet. Cash Investment Securities--AFS Accrured Interest Receivable Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Land Building Accumulated Depreciation: Building Office & Store Equipment Accumulated Depreciation: Office & Store Equipment Delivery Trucks Accumulated Depreciation: Delivery Trucks Accounts Payable FICA Taxes Payable Withholding Taxes Payable Unemployment Taxes Payable Union Dues Payable Salaries & Wages Payable Accrued Utilities Payable...
Determine the normal balance for each of the follow Bank Account Asset Owners Equity Accounts Payable...
Determine the normal balance for each of the follow Bank Account Asset Owners Equity Accounts Payable Liability Accounts Receivable Check Determine the normal balance for the following Prepaid Insurance Interest Payable Unearned Income Owners Drawings Sales Revenue Rent Expense
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
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)...
For the items listed below, indicate whether the item is an asset, liability, stockholders' equity, or...
For the items listed below, indicate whether the item is an asset, liability, stockholders' equity, or income statement item Stockholders' Equity Asset Liability 1. Rent Expense 2. Equipment 3. Accounts Payable 4. Common Stock 5. Insurance Expense 6. Cash 7. Accounts Receivable Stockholders' Equity Stockholders' Equity Asset 8. Retained Earnings Stockholders Equity 9. Service Revenue Stockholders Equity 10. Notes Payable
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
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
Complete these tasks for each account shown: Above each, indicate the account type (Asset, Liability, Equity,...
Complete these tasks for each account shown: Above each, indicate the account type (Asset, Liability, Equity, Income, or Expense). Label the debit and credit side of each T. Indicate the normal balance of each account by entering "NB" on the appropriate side of the T. . Account type: Expense Account type: Income Bank Service Charge Job Income Debit Credit Debit Credit NB NB Account type: Asset Account type: Liability Checking Accounts Payable Debit Credit Debit Credit NA NB Account type:...
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
Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following...
Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or。) stockholders' equity A. accounts payable B. cash D. land E supplies F wages expense fees earned
Determine the normal balance for each of the follow Bank Account Asset Owners Equity Accounts Payable Liability Accounts Receivable Check Determine the normal balance for the following Prepaid Insurance Interest Payable Unearned Income Owners Drawings Sales Revenue Rent Expense
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
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)...
For the items listed below, indicate whether the item is an asset, liability, stockholders' equity, or income statement item Stockholders' Equity Asset Liability 1. Rent Expense 2. Equipment 3. Accounts Payable 4. Common Stock 5. Insurance Expense 6. Cash 7. Accounts Receivable Stockholders' Equity Stockholders' Equity Asset 8. Retained Earnings Stockholders Equity 9. Service Revenue Stockholders Equity 10. Notes Payable
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
Complete these tasks for each account shown: Above each, indicate the account type (Asset, Liability, Equity, Income, or Expense). Label the debit and credit side of each T. Indicate the normal balance of each account by entering "NB" on the appropriate side of the T. . Account type: Expense Account type: Income Bank Service Charge Job Income Debit Credit Debit Credit NB NB Account type: Asset Account type: Liability Checking Accounts Payable Debit Credit Debit Credit NA NB Account type:...
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
Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or。) stockholders' equity A. accounts payable B. cash D. land E supplies F wages expense fees earned
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