Homework Answers
Question – 12
The Correct answer choice is “Credit, Liability”
The normal balance of wages payable is a “CREDIT”, because it is a “LIABILITY” account
Question – 13
The Correct answer choice is “Drawings”
The Revenue A/c, Capital A/c and the Liability A/c has the Credit Balance and the Drawings A/c has the credit Balance.
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question 12.13
Question 12 (1 point) The normal balance of wages payable is a because it...
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...
11. The classification and normal balance of the accounts payable account is an asset with a...
11. The classification and normal balance of the accounts payable account is an asset with a credit balance a liability with a credit balance owner's equity with a credit balance revenue with a credit balance 12. A credit balance in which of the following accounts would indicate a likely error? a. Fees Earned b. Salary Expense c. Janet James, Capital d. Accounts Payable 13. The process of initially recording a business transaction is called ...
Question 4 (14 marks) For each of the following accounts indicate in the examination booklet a...
Question 4 (14 marks) For each of the following accounts indicate in the examination booklet a the type of account (Asset,Liability, Owner's capital, Owner's drawings, Revenue Expense), b the debit and credit effects, and the normal account balance. Example 0. Cash a Asset account b. Debit increases, credit decreases C. Normal balance-debit 1. Accounts Payable 2 Accounts Receivable 3. J Stonehedge, Capital 4. J. Stonehedge, Drawings 5 Service Revenue 6. Insurance Expense 7 Notes Payable 8. Equipment
2 3e Financial Statement Normal Balance- Balance Sheet Debite e e ܀ Exercises 2.3 (part a...
2 3e Financial Statement Normal Balance- Balance Sheet Debite e e ܀ Exercises 2.3 (part a only), 2.10 & 2.16 E2.3 Kobayashi Company has the following accounts: 1e Account Type of Account Cashe Assete M. Kobayashi, Capital Accounts Payable Building Insurance Expense- Interest Revenue M. Kobayashi, Drawings Notes Receivable Prepaid Insurance Rent Expense- Service Revenue Supplies e 12121212 ܢ Instructions Complete the table. Identify (1) the type of account as asset, liability, or owner's equity (for owner's equity accounts, also...
9:09 115GE 1 Х HWweek1: Attempt 1 Question 3 2 Points Identify the following accounts of...
9:09 115GE 1 Х HWweek1: Attempt 1 Question 3 2 Points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. Wages Expense A Asset B Liability Owner's Equity 0 Revenue Expense Debit Credit Question 4 2 Points Save and Close Submit Last saved 9:05:50 PM
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
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
prepare a post closing trial balance Question 2 Cullumber Company had the following adjusted trial balance....
prepare a post closing trial balance
Question 2 Cullumber Company had the following adjusted trial balance. Cullumber Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,570 Accounts Receivable 3,950 Supplies 600 Accounts Payable $1,500 Unearned Service Revenue Owner's Capital 4,710 Owner's Drawings Service Revenue 5,600 Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable 520 $12,500 O DO 170 N O $ U J.UU ) Prepare...
9:09 115GE 1 HWweek1: Attempt 1 Exercise Content Question 1 2 Points Identify the following accounts...
9:09 115GE 1 HWweek1: Attempt 1 Exercise Content Question 1 2 Points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit Accounts Receivable A Asset B Liability Owner's Equity D Revenue © Expense Debit Credit Question 2 1 Point Save and Close Submit Last saved 9:05:50 PM
9:09 115GE 1 Х HWweek1: Attempt 1 Question 4 2 Points Identify the following accounts of...
9:09 115GE 1 Х HWweek1: Attempt 1 Question 4 2 Points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. Supplies Asset B Liability Owner's Equity D Revenue Expense Debit Credit Question 5 1 Point Save and Close Submit Last saved 9:05:50 PM
Question 4 (14 marks) For each of the following accounts indicate in the examination booklet a the type of account (Asset,Liability, Owner's capital, Owner's drawings, Revenue Expense), b the debit and credit effects, and the normal account balance. Example 0. Cash a Asset account b. Debit increases, credit decreases C. Normal balance-debit 1. Accounts Payable 2 Accounts Receivable 3. J Stonehedge, Capital 4. J. Stonehedge, Drawings 5 Service Revenue 6. Insurance Expense 7 Notes Payable 8. Equipment
2 3e Financial Statement Normal Balance- Balance Sheet Debite e e ܀ Exercises 2.3 (part a only), 2.10 & 2.16 E2.3 Kobayashi Company has the following accounts: 1e Account Type of Account Cashe Assete M. Kobayashi, Capital Accounts Payable Building Insurance Expense- Interest Revenue M. Kobayashi, Drawings Notes Receivable Prepaid Insurance Rent Expense- Service Revenue Supplies e 12121212 ܢ Instructions Complete the table. Identify (1) the type of account as asset, liability, or owner's equity (for owner's equity accounts, also...
9:09 115GE 1 Х HWweek1: Attempt 1 Question 3 2 Points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. Wages Expense A Asset B Liability Owner's Equity 0 Revenue Expense Debit Credit Question 4 2 Points Save and Close Submit Last saved 9:05:50 PM
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
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
prepare a post closing trial balance
Question 2 Cullumber Company had the following adjusted trial balance. Cullumber Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,570 Accounts Receivable 3,950 Supplies 600 Accounts Payable $1,500 Unearned Service Revenue Owner's Capital 4,710 Owner's Drawings Service Revenue 5,600 Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable 520 $12,500 O DO 170 N O $ U J.UU ) Prepare...
9:09 115GE 1 HWweek1: Attempt 1 Exercise Content Question 1 2 Points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit Accounts Receivable A Asset B Liability Owner's Equity D Revenue © Expense Debit Credit Question 2 1 Point Save and Close Submit Last saved 9:05:50 PM
9:09 115GE 1 Х HWweek1: Attempt 1 Question 4 2 Points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. Supplies Asset B Liability Owner's Equity D Revenue Expense Debit Credit Question 5 1 Point Save and Close Submit Last saved 9:05:50 PM
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