3. Identify the type of account, its normal balance and on which financial statement each of the following accounts would appear: Solution Account Asset, Liability or Equity Debit or Credit Financial Statement Income Statement, Statement of retained Normal Balance Earnings, or Balance Sheet Accounts Receivable Common Stock Notes Payable Sales Revenue Office Supplies Unearned Revenue Inventory 8. 6. Equipment Dividends 10 Accounts Payable 1234 uno

3. Identify the type of account, its normal balance and on which financial statement each of the following accounts would appear: Solution Account Asset, Liability or Equity Debit or Credit Financial Statement Income Statement, Statement of retained Normal Balance Earnings, or Balance Sheet Accounts Receivable Common Stock Notes Payable Sales Revenue Office Supplies Unearned Revenue Inventory 8. 6. Equipment Dividends 10 Accounts Payable 1234 uno

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

3
Identify the type of account, its normal balance and on which financial statement each
of the following accounts would appear:
Solution
Account
Asset, Liability or Equity
Debit or Credit
Financial Statement
Income Statement,
Statement of retained
Earnings, or Balance
Sheet
Normal Balance
1
Accounts Receivable
Common Stock
3.
Notes Payable
4
Sales Revenue
Office Supplies
Unearned Revenue
Inventory
Equipment
6.
7.
8.
9.
Dividends
10 Accounts Payable
2

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