Homework Answers
1. Accounts payable = current liabilities (L) , Real account (REAL)
2. service fees revenue = (REV), (REAL)
3. Tax Expense = EX, Nominal
4 Cash = Assets, REAL
5 Interest Receivable = Asset, Nominal
6. Accounts Receivable = Assets, Nominal
7. Smith Drawings= EQ, Nominal
8. Retained Earnings= EQ, Nominal
9. Depreciation Expense EX, Nominal
10. Interest Income = REV, Nominal
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MacBook Air 40 /스 athel 1-4. Real and nominal accounts; account type. For each of the...
2 3 5 1-4. Real and nominal accounts; account type. For each of the following, insert...
2 3 5 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N) 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 10. Interest income 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense
2. For each of the following, insert TWO answers. The first answer identifies the account type:...
2. For each of the following, insert TWO answers. The first answer identifies the account type: asset, liability, equity, revenue, or expense. The second answer identifies the account as real or nominal. a. Tax expense b. Smith, Drawings c. Retained earnings d. Interest income
For each of the following, insert a capital letter to identify the account as an (1)...
For each of the following, insert a capital letter to identify the account as an (1) asset, (2) liability, or (3) equity. 3 Retained earnings vSmith, Drawings Smith, Capital Accounts receivable 、 1. Asset Interest receivable 2. Liability Wages payable 3. Equity Cash Taxes payable Land vBuildings
Give an example of a real account. Give an example of a nominal account. Why are...
Give an example of a real account. Give an example of a nominal account. Why are balance sheet accounts considered real and permanent? Why are income statement accounts considered nominal and temporary? Which account are dividends closed into? How would the proceeds received from the advance sale of nonrefundable tickets for a theatrical performance be reported in the seller’s financial statements before the performance? A. Revenue for the entire proceeds. B. Revenue to the extent of related costs expended. C....
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
Question 1 of 4 -75 For each of the following accounts, identify what type of account...
Question 1 of 4 -75 For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following for account type (Asset, Liability, Shareholders' equity, Revenue, Expense, and Dividends declared). If the account is a contra account, put a "Contra" in front of the account type. Type of Account Normal Balance 1. Cost of goods sold 2. Common shares Advertising expense 3. 4. Buildings 5. Interest payable 6. Dividends...
a normal BE2.3 (LO 1) K For each the following accounts, indicate (a) if the account...
a normal BE2.3 (LO 1) K For each the following accounts, indicate (a) if the account is an asset, liability, or own- er's equity account; and (b) whether the account would have a normal debit or credit balance. 1. Accounts Receivable 2. Rent Expense 3. B. Damji, Drawings 4. Supplies 5. Unearned Revenue 6. Service Revenue 7. Prepaid Insurance 8. Notes Payable
Exercise 2-4 Identifying type and normal balances of accounts LO C4 For each of the following...
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 (C) to identify the kind of entry that would increase the account balance Type of Account Asset Normal Balance Increase (Dr. or Cr.) Account a Land b. Cash c. Legal Expense d. Prepaid Insurance e...
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 Normal Balance Increase (Dr. or Cr.) 48 Account a. Prepaid Insurance b. Accounts Receivable c. Dividends d. License Fee Revenue e. Uneamed Revenue 1. Fees Eamed 9. Equipment h Notes...
A chart of accounts is a list of all ledger accounts and an identification number for...
A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L). equity (EQ). revenue (R). or expense (E) account a. Salaries Payable b Owner, Capital C. Interest Earned d. Utilities Expenses e Advertising Expenses Accounts Payable g Rent Revenue h Accounts Receivable i. Sales
2 3 5 1-4. Real and nominal accounts; account type. For each of the following, insert TWO answers. The first answer identifies the account type: asset (A), liability (L), equity (EQ), revenue (REV), or expense (EX). The second answer identifies the account as real (REAL) or nominal (N) 1. Accounts payable 2. Service fees revenue 3. Tax expense 4. Cash 5. Interest receivable 10. Interest income 6. Accounts receivable 7. Smith, Drawings 8. Retained earnings 9. Depreciation expense
For each of the following, insert a capital letter to identify the account as an (1) asset, (2) liability, or (3) equity. 3 Retained earnings vSmith, Drawings Smith, Capital Accounts receivable 、 1. Asset Interest receivable 2. Liability Wages payable 3. Equity Cash Taxes payable Land vBuildings
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
Question 1 of 4 -75 For each of the following accounts, identify what type of account it is and state what its normal balance would be. Use the following for account type (Asset, Liability, Shareholders' equity, Revenue, Expense, and Dividends declared). If the account is a contra account, put a "Contra" in front of the account type. Type of Account Normal Balance 1. Cost of goods sold 2. Common shares Advertising expense 3. 4. Buildings 5. Interest payable 6. Dividends...
a normal BE2.3 (LO 1) K For each the following accounts, indicate (a) if the account is an asset, liability, or own- er's equity account; and (b) whether the account would have a normal debit or credit balance. 1. Accounts Receivable 2. Rent Expense 3. B. Damji, Drawings 4. Supplies 5. Unearned Revenue 6. Service Revenue 7. Prepaid Insurance 8. Notes Payable
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 (C) to identify the kind of entry that would increase the account balance Type of Account Asset Normal Balance Increase (Dr. or Cr.) Account a Land b. Cash c. Legal Expense d. Prepaid Insurance e...
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 Normal Balance Increase (Dr. or Cr.) 48 Account a. Prepaid Insurance b. Accounts Receivable c. Dividends d. License Fee Revenue e. Uneamed Revenue 1. Fees Eamed 9. Equipment h Notes...
A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L). equity (EQ). revenue (R). or expense (E) account a. Salaries Payable b Owner, Capital C. Interest Earned d. Utilities Expenses e Advertising Expenses Accounts Payable g Rent Revenue h Accounts Receivable i. Sales
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