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

See similar textbooks

Similar questions

Which is the CORRECT order for items to appear on the income statement? Group of answer choices sales revenue, gross profit, net income, operating expenses cash, accounts receivable, inventory, property/plant/equipment, intangible assets sales revenue, operating expenses, gross profit, net income sales revenue, cost of goods sold, gross profit, operating expenses sales revenue, gross profit, cost of goods sold, operating expenses
Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…
It is calculated to verify the sum of the debit is equal to the sum of credit a. Journal b. Trial balance c. Financial statements d. Ledger
Match each of the five items listed below with one of the following locations: 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the worksheet a. Sales Returns and Allowances b. Accrued Salaries Payable c. Sales d. Merchandise Inventory e. Accounts Receivable a. Sales Returns and Allowance 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the…
Exercise 1: Match the special journal with its definition: Journals Definition 1. Purchases on account a. Cash Receipts Journal b. Cash Disbursement Journal 2. Sales on account 3. Cash paid by the company. 4. Cash Received by the company. c. Sales Journal d. Purchases Journal e. General Journal 5. Adusting, closing and returns.
what is Statement of Financial Position? prepare chart of accounts by completing the box below. Chart of Accounts Codes Account titles Account Type Statement of Financial Position/Statement of Comprehensive Income Cash Asset Prepaid Rent Asset Revenue Equity Account Codes: Assets 100-199 Liabilities 200-299 Equity 300-399 Revenues 400-499 Expenses 500-599
which comes first when preparing a income statement? please put in order salaries expense cost of goods sold net income total expenses gross profit miscellsneous expense sales
d. assets and lHabilflie QUESTION 8 A ledger shows: a. A balance of all balance sheet accounts Ob. A balance of all income statement accounts OC. A balance of all accounts A chronological record of all accounting transactions QUESTION 9 021. Basic function of financial manager is to: Click Save and Submit to saue and submir. Click Save All Answers to sare al asU
1. Match the following terms and definitions. a. Accounts receivable c. Accounts payable (1) Amounts due from customers (2) Amounts owed to suppliers for goods and services purchased (3) Amounts owed to bank Note payable
Classify each of the following accounts as to whether it appears on the income statement (IS), the balance sheet (BS) or owner’s equity statement (OE) _____1. Merchandise Inventory _____ 6. Int. Revenue ____11. Wales, Drawing _____2. Accumulated Depreciation—Truck _____ 7. Interest Receivable ____12. Wales, Capital _____3. Depreciation Expense _____ 8. Notes Receivable ____13. Sales Discounts _____4. Cost of Goods Sold _____ 9. Interest Expense ____14. Prepaid Insurance _____5. Unearned Revenue _____10. Freight Out _____15. Sales
The amount found in the Income Statement debit column on the worksheet for Income Summary is the: A.ending inventory. B.beginning inventory. C.total amount of expenses. D.total amount of revenues.
On a multiple step income statement, the account interest expense would be located under A) Net sales B) COGS C) Other Revenues and expenses