Activity 2 Directions: Identify if the account is an asset, liability, equity, in or expense and indicate its normal balance. Owner's Account Asset Liabilities Income Expense Equity Accounts Receivable Accumulated Depreciation Advertising Expense Bonds Payable Building Cash 7. De Jesus, Capital De Jesus, Drawing Delivery Truck Interest Payable 10 11 Inventories 12 Land Mortgage Loans Notes Payable 13 14 15 16 17 Notes Receivable 18 19 20 21 Office Supplies Prepaid Expense Rent Expense Salaries Expense Salaries Payable Service Fees Income Supplies Expense Trading Securities 12 3456oN

Activity 2 Directions: Identify if the account is an asset, liability, equity, in or expense and indicate its normal balance. Owner's Account Asset Liabilities Income Expense Equity Accounts Receivable Accumulated Depreciation Advertising Expense Bonds Payable Building Cash 7. De Jesus, Capital De Jesus, Drawing Delivery Truck Interest Payable 10 11 Inventories 12 Land Mortgage Loans Notes Payable 13 14 15 16 17 Notes Receivable 18 19 20 21 Office Supplies Prepaid Expense Rent Expense Salaries Expense Salaries Payable Service Fees Income Supplies Expense Trading Securities 12 3456oN

Name: Activity 2Directions: Identify if the account is an asset, liability,
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Activity 2Directions: Identify if the account is an asset, liability, equity, incomeor expense and indicate its normal balance.Owner'sАccountAsset LiabilitiesIncome Expense BalanceEquity1Accounts ReceivableAccumulated DepreciationAdvertising Expense

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

CREATE A GENERAL JOURNAL. FOLLOW THE FORMAT. Date Account titles Dr Cr Oct-01 Cash Common Shares Oct-01 Equipment Bank Loan Payable Oct-02 Rent Expense Cash Oct-05 Prepaid Insurance Cash Oct-09 Supplies Accounts Payable Oct-13 Accounts Receivable Service Revenue Oct-19 Cash Unearned Revenue Oct-22 Accounts Payable Cash Oct-23 Salaries Expense Cash Oct-26 Dividends Cash Oct-30 Cash Accounts Receivable…
* CENGAGE MINDTAP Test 7A Income Statement Balance Sheet Revenue Expenses Assets Llabilltles Owner's Equlty Nelther Account Accounts Payable-Steinke Accounts Receivable-K. Hillsdale Advertising Expense Cash Cash Short and Over G. Rothchild, Capital G. Rothchild, Drawing Income Summary Insurance Expense Miscellaneous Expense Petty Cash Prepaid Insurance Rent Expense Sales Supplies Supplies Expense Utilities Expense DELL Oo0 oooooo ooo oooo Ooo 0C O ooo Ooo O Oololo
(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350
Question 6?
8.
Account #Account Name Cash 11 12 14 15 16 18 21 22 23 31 41 51 52 53 54 55 56 57 Accounts Receivables Supplies Prepaid Rent Prepaid Insurance Furniture and Equipment Other Creditors Salaries Payable Unearned Fees Capital Stock Fees Earned Salary Expense Rent Expense Supplies Expense Insurance Expense Utilities Expense Advertising Expense Income Summary 2. Post the journal entries to their respective ledger accounts.
Business makes payment of Bank loan. Which of the following is the correct journal entry? a. Dr Bank Loan account Cr Cash account b. Dr Cash account Cr Loan c. Dr Cash account. Cr Capital d. Dr Bank Cr Cash account
16 The Accounts Payable account: Multiple Choice has a normal credit balance. is increased by a debit. is an asset. is increased when a company receives cash from customers.
Warm-up: Elements of Statement of Comprehensive Income Identify the correct classification of each of the accounts listed. Put a check mark (v) in the appropriate column. Owner's Account Asset Liability Revenue Expense Equity Accounts Payable Accrued Interest Income Accumulated Depreciation Allowance for Bad Debts Cash in Bank Depreciation Expense Bad Debts Expense Interest Receivable K. De Pedro, Drawing Mortgage Payable Petty Cash Fund Prepaid Insurance Prepaid Interest Professional Fees Repairs and Maintenance Expense Salaries Payable Service Income SSS Premium Expense Supplied on Hand Supplies Inventory Unearned Interest Income Unexpired Insurance Unused Supplies Utilities Expense Withholding Taxes Payable
Please categorize all
Davison Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 95 Units in beginning inventory 0 Units produced 5,000 Units sold 4,900 Units in ending inventory 100 Variable costs per unit: Direct materials $ 26 Direct labor $ 40 Variable manufacturing overhead $ 1 Variable selling and administrative expense $ 4 Fixed costs: Fixed manufacturing overhead $ 40,000 Fixed selling and administrative expense $ 73,500 What is the total period cost for the month under variable costing?