Activity 1:In the table below, indicate in column 1 - the classification of each account (Assets, Liabilities, Equity,Revenue or Expenses). In column 2 - its normal balance (Debit or Credit) and in column 3 - what financialstatement the account is to be reported (Balance Sheet or Income Statement).Column 1Account TitleExample: SuppliesColumn 2DebitColumn 3Balance SheetAssets1.MerchandiseInventory2. Freight in3. Purchase Returns andAllowances4.Purchases5. Purchase Discount6.Sales7.Sales Returns andAllowances8.Sales Discount9.Accounts Payable10. Accounts Receivable

>Ledger accounts titles are the accounts of various accounting elements. >These accounts…

Activity 1: In the table below, indicate in column 1 - the classification of each account (Assets, Liabilities, Equity, Revenue or Expenses). In column 2 - its normal balance (Debit or Credit) and in column 3 - what financial statement the account is to be reported (Balance Sheet or Income Statement). Account Title Column 11 Column 2 Debit Column 3 Balance Sheet Example: Supplies Assets 1. Merchandise Inventory 2. Freight in 3. Purchase Returns and Allowances 4. Purchases 5. Purchase Discount 6. Sales 7. Sales Returns and Allowances 8. Sales Discount 9. Accounts Payable Accounts Receivable 10.

Activity 1: In the table below, indicate in column 1 - the classification of each account (Assets, Liabilities, Equity, Revenue or Expenses). In column 2 - its normal balance (Debit or Credit) and in column 3 - what financial statement the account is to be reported (Balance Sheet or Income Statement). Account Title Column 11 Column 2 Debit Column 3 Balance Sheet Example: Supplies Assets 1. Merchandise Inventory 2. Freight in 3. Purchase Returns and Allowances 4. Purchases 5. Purchase Discount 6. Sales 7. Sales Returns and Allowances 8. Sales Discount 9. Accounts Payable Accounts Receivable 10.

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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