For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of the account; and (3) select debit or credit to identify the kind of entry that would increase the account balance. a. Equipment b. Notes Payable C. Cash d. Supplies e. Accounts Payable f. Consulting Revenue g. Salaries Expense h. Utilities Expense i. Prepaid Rent j. Wages Payable k. Notes Receivable 1. Land

For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of the account; and (3) select debit or credit to identify the kind of entry that would increase the account balance. a. Equipment b. Notes Payable C. Cash d. Supplies e. Accounts Payable f. Consulting Revenue g. Salaries Expense h. Utilities Expense i. Prepaid Rent j. Wages Payable k. Notes Receivable 1. Land

Name: For each of the following (1) identify the account as an asset, liabi
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: For each of the following (1) identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of theaccount; and (3) select debit or credit to identify the kind of entry that would increase the account balan

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 5SEA: FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L),...

See similar textbooks

Similar questions

In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
List the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side.
FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Credit
Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit
Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue
The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balance
Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned Revenue
Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC. SuppliesD. Service Revenue
Best choice
Accounts receivable is classified as an _______________ a. An Asset b. A Expense. c. A Capital d. A Liability.
What is an account receivable? O a. Sales O b. Asset Oc. Income O d. Creditors