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,
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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

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Activity 2
Directions: Identify if the account is an asset, liability, equity, income
or expense and indicate its normal balance.
Owner's
Аccount
Asset Liabilities
Income Expense Balance
Equity
1
Accounts Receivable
Accumulated Depreciation
Advertising Expense
Bonds Payable
3.
4
5.
Building
6.
Cash
7.
De Jesus, Capital
De Jesus, Drawing
Delivery Truck
Interest Payable
8.
9.
10
11
Inventories
12
Land
Mortgage Loans
Notes Payable
13
14
15
Notes Receivable
Office Supplies
Prepaid Expense
Rent Expense
Salaries Expense
Salaries Payable
16
17
18
19
20
21
Service Fees Income
22
Supplies Expense
23
Trading Securities
24
Unearned Income
25
Utilities Expense

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