Instruction: Indicate on the space provided,(1)(X)on the element where the account belong (2) BS if the account is Balance Sheet account and IS if the account is income statement account; Dr (debit) or Cr (credit) to identify the normal balance of the account. OWNER'S Accounts ASSET LIABILITES BS or IS Dr or Cr EQUITY and Maintenance nse and Wages Expense ayable
Q: Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense…
A: STEP 1 An asset is something or attribute that creates future economic cash flows or benefit arising…
Q: The Accounting Equation Using the accounting equation, compute the missing elements. Assets…
A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…
Q: Identifying accounts, increases in accounts, and normal balances? Interest Revenue Accounts Payable…
A: 1.Identify each account as an asset , liability or equity.
Q: Classify each of the following accounts as an Asset, Liability, or Equity account. a. Store Supplies…
A: Answers:- the following accounts as an Asset, Liability, or Equity account:-
Q: Enter the number for the item that best completes each of the descriptions below. 1. Asset 2. Equity…
A: Accounting Process: The Accounting process is a series of activities or processes that start with…
Q: Which of the following accounts is an asset? Select one: a Service revenue b. Prepaid expenses C.…
A: Generally asset represents the valuable thing owned by an entity. In accounting, an asset is the…
Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…
A: Asset accounts means account related to resources of the business that it owns. It can be current…
Q: f. Supplies Asset g. Accounts Payable Liability h. Consulting Revenue Credit Credit i. Salaries…
A: Permanent Accounts: Permanent accounts meanse those accounts which are shown on balance sheet.…
Q: The adjusting entry for accrued revenues includes O a. debit to an asset account. O b. credit to an…
A: Introduction: A general ledger entry made at the end of an accounting period to record any…
Q: II. Instruction: Indicate on the space provided,(1)(X)on the element where the account belong (2) BS…
A: Accounting equation of the business has three elements. These are assets, liabilties and equity.…
Q: Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R),…
A: Assets are the resources that are employed by the business for the end goal of maximizing the…
Q: Which of the following accounts is a non-current asset account?
A: Non-current assets: Non-current assets are assets that can be held for a longer period of time…
Q: Indicate in the space provided by each item whether it would appear on the income statement (IS),…
A: Introduction: Balance sheet: All assets and liabilities are shown in Balance sheet. It tells the net…
Q: Problem 1 - Identify and Classify Accounts Required: Identify each account as either a…
A: Item Income Statement, Balance Sheet or Statement of Equity Asset, Liability, Equity, Revenue or…
Q: general ledger accounts are temporary or permanen
A: The above ledger account balances are classified into temporary and permanent are shown below :
Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…
A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…
Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a.…
A: Introduction: Balance sheet: All liabilities and Assets are shown in Balance sheet. It tells the…
Q: I. Multiple Choice Directions: Choose the letter corresponding to the correct answer for each of the…
A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…
Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…
A: Account: It can be defined as a record that is maintained in the accounting system to track the…
Q: Enter the number for the item that best completes each of the descriptions below.
A: Asset is something having economic value or future benefit that can generate cashflows in the…
Q: Choose the letter corresponding to the correct answer for each of the questions provided below. 1.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Required Identify whether each of the following transactions is an asset source (AS), asset use…
A: The accounting equation states that assets equal to sum of liabilities and shareholder's equity.
Q: A. Calculate the ending balance for each account. B. Create the income statement. C. Create the…
A:
Q: Indicate whether each account is an asset, liability or a stockholders' equity account and whether…
A: a. Accounts Receivable is a asset account and have a debit balance
Q: II. Classify the following whether it is an Asset (A), Liability (L), Capital (C), Income (), or…
A: Accounting equation is given as under: ASSETS = EQUITY + LIABILITIES
Q: Why does a balance sheet balance (assets = Liabilities + OE)? a) It is required by law b)…
A: Balance sheet: To know the financial position of the company on particular date Balance sheet is…
Q: Complete the table below by indicating for each account if the balance will be debit or credit and…
A: Current assets are assets that can be converted into cash and for sale easily within 1 year.…
Q: Answer the following questions: Requirements 1. What type of normal balance does the Owner, Capital…
A: In accounting, all assets and expenses normally have debit balances, all liabilities, income and…
Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…
A: Equity = Total assets - Total liability
Q: What do the following account types fall under DR or CR and under what part of the accounting…
A: Assets are increased with Debit when they are acquired and for decreasing any asset, they need to be…
Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a.…
A: Asset accounts means all tangible and intangible resources of the business, which the business has…
Q: The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue,…
A: In accounting, there are three types of accounts:1. Personal account: This account represents the…
Q: "Identify each of the following accounts of Kaiser Services Co. as asset, liability, stockholders’…
A: Accounting refers to the process of recording and summarizing the business transaction by…
Q: The debit side of an account: a) Is the right-hand side of the account. b) Is the left-hand side of…
A: Debit refers to an accounting entry that results in either an increase in an asset or a decrease in…
Q: The type of account with a normal credit balance is: Group of answer choices an asset drawing a…
A:
Q: for each of the following 1 identify the type of accounts as an asset, liability, equity, revenue or…
A: A balance sheet is the part of financial statements which shows the financial position of the…
Q: Instructions: Classify each of the following account titles according to: (1) whether it belongs on…
A: Items of Balance sheet and income statement: The balance sheet summarises assets, liabilities, and…
Q: Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit,…
A: Equity: It is the amount of money that would be returned to a company's shareholders if all the…
Q: 1.1 In column (1), indicate inwhich statement income statement (IS) or balance sheet (BS) the…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. Table 3.20"Identifying general and subsidiary ledgers C2For each account, indicate whether it appears in the general ledger or the subsidiary ledger.a. Accounts Receivable—Martinb. Interest Expensec. Prepaid Rentd. Accounts Payable—Juliee. Notes Payablef. Store SuppliesSUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…
- TOPIC: Rules of Debit and Credit Instruction: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1. Other Revenue a. Assetsb. Liabilitiesc. Equityd. Income e. Expense 2. Prepaid Renta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 3. Allowance for Doubtful Accountsa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 4. Depreciationa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 5. Delivery Equipmenta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 6. Used Shop Suppliesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 7. Utilities Expensea. Assetsb. Liabilitiesc. Equityd. Income e. Expense 8. Salaries and Wagesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 9. Beverage Inventorya. Assetsb. Liabilitiesc. Equityd. Income e. Expense 10. Uncollectible Accounta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 11. Landa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 12. Accounts Receivablea. Assetsb. Liabilitiesc. Equityd.…Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Accounts Receivable. __________Equipment.Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service revenue d. Accounts receivable
- Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Note Receivable. __________ Accounts Payable.Q.2.1 Complete the table below by indicating for each account if the balance will be debit or credit and if it is classified as a non-current orcurrent asset, non-current or current liabilityYou are required to redraft the table in your assignment.(14)Name of account Dr/CrBalanceNon-currentassetCurrentassetNon-currentliabilityCurrentliabilityIncome Expense ProprietaryaccountsE.g. Land &BuildingsDebit XAdvertisingCreditors controlInterest on savingaccountCapitalFurnitureCash floatMortgage loanWhich type of credit account is balanced in the last two columns of a worksheet? O A. Expense B. Revenue C. Accounts payable D. Accounts receivable
- Listed below are selected events transactions relating to Kingbird, Inc. for the current year ending December 31. Kingbird manufactures laptop computers for sale in its own stores and for sale by other retailers. On December 1, Kingbird accepted an order from a new customer, Coronado Computers. Coronado has a questionable credit history, so Kingbird requires a $12,000 deposit from Coronado in order to begin production on its order. 1. During December, cash sales at Kingbird's retail locations totaled $5,029,000, which includes the 7% sales tax Kingbird must remit to the state by the fifteenth day of the following month. 2. During the year, Kingbird was sued by a competitor for a patent violation. The competitor is claiming that Kingbird's liability is $3,000,000. Kingbird's attorneys have advised it that it is probable that the court will find for the company's competitor. The attorneys estimate that the liability under the suit could be as little as $120,000 or as much as $600,000.…SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Note Receivable. _______ Accounts Payable.