From the dropdown box beside each numbered balance sheet item, select the option of its balance sheet classification. If the item should not appear on the balance sheet, choose the option "No item required" from the selection choices.
From the dropdown box beside each numbered balance sheet item, select the option of its balance sheet classification. If the item should not appear on the balance sheet, choose the option "No item required" from the selection choices.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Capri Company began the current period with a $30,000 credit balance in the K. Capri, Capital account. At the end of the period, the company’s adjusted account balances include the following temporary accounts with normal balances.
| Service fees earned | $ | 118,000 | Interest revenue | $ | 8,000 | ||
| Salaries expense | 37,500 | K. Capri, Withdrawals | 18,500 | ||||
| 11,600 | Utilities expense | 5,400 | |||||
From the dropdown box beside each numbered
Transcribed Image Text:From the dropdown box beside each numbered balance sheet item, select the option of its balance sheet classification. If the item
should not appear on the balance sheet, choose the option "No item required" from the selection choices.
Account Title
1. Merchandise inventory
2. Current portion of long-term note payable
3.
Short-term notes receivable (due in 1
month)
4. Unearned services revenue
5. Accounts receivable
6. Accounts payable
7. Short-term investments
8. Taxes payable (Due in 5 weeks)
9. Supplies
10. Goodwill
Classification
Account Title
11. Office supplies
12. Franchises
13. Store supplies
14. Copyrights
15. Prepaid Insurance (Expires in 5 months)
16. Trademarks
17. Cash
18. Patents
19. Interest receivable
20. Machinery
Classification
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