Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether theaccount is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer willshow the account type in parentheses. Answer items may be used once, more than once, or not at all.Retained Earnings1.Equity, Credit, Balance Sheet, No2.Freight-OutLiability, Credit, Balance Sheet, NoV Loss on Impairment of Intangible Assets3.Expense, Debit, Income Statement, Yes4.Gain on Acquisition of Business(Equity), Debit, Balance Sheet, No5.Amortization of CopyrightsAsset, Debit, Income Statement, YesAllowance for Doubtful Accounts6.Expense or Loss, Credit, Income Statement, YesLand7.Revenue or Gain, Credit, Income Statement, YesFederal Income Tax Withheld8.(Revenue or Gain), Debit, Income Statement, YesSales Returns & Allowances9. (Asset), Credit, Balance Sheet, No10.Premium on Bonds Payable·Asset, Debit, Balance Sheet, No11. Revenue or Gain, Debit, Income Statement, Yes12. (Liability), Credit, Balance Sheet, No

Equity: It is the amount of money that would be returned to a company's shareholders if all the…

Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No Freight-Out 2. Liability, Credit, Balance Sheet, No Loss on Impairment of lIntangible Assets 3. Expense, Debit, Income Statement, Yes Gain on Acquisition of Business 4. (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes 8. (Revenue or Gain), Debit, Income Statement, Yes Federal Income Tax Withheld Sales Returns & Allowances 9. (Asset), Credit, Balance Sheet, No · Asset, Debit, Balance Sheet, No 10. Premium on Bonds Payable 11. Revenue or Gain, Debit, Income Statement, Yes 12. (Liability), Credit, Balance Sheet, No

Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No Freight-Out 2. Liability, Credit, Balance Sheet, No Loss on Impairment of lIntangible Assets 3. Expense, Debit, Income Statement, Yes Gain on Acquisition of Business 4. (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes 8. (Revenue or Gain), Debit, Income Statement, Yes Federal Income Tax Withheld Sales Returns & Allowances 9. (Asset), Credit, Balance Sheet, No · Asset, Debit, Balance Sheet, No 10. Premium on Bonds Payable 11. Revenue or Gain, Debit, Income Statement, Yes 12. (Liability), Credit, Balance Sheet, No

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 2E: Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE),...

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The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
Record each of the following transactions or recognitions in T-account format, label the accounts used, and indicate for each account whether it is an asset (A), liability (L), revenue (R), expense (E), or owners’ equity (OE) account. Make only those entries required to record an event or transaction; do not include balances that may exist in the account as a result of earlier entries. Make sure that the sum of your debit entries equals the sum of your credit entries. a. Company Q sells $4,000 of merchandise to a customer; this merchandise is valued in inventory at $3,200. b. Company Q purchases, on credit, merchandise normally valued at $8,000; because of the size of the order, Q’s vendor provides a 5 percent quantity discount. c. Company Q pays $600 of accrued interest payable on its bank loan. d. Company Q receives $300 due in rent for this month from a tenant who rents an office suite in Q’s headquarters building. e. Company Q borrows an additional $10,000 from the bank.…
An account balance is: Multiple Choice The total of the credit side of the account. The total of the debit side of the account. The difference between the total debits and total credits for an account including the beginning balance. Used to identify source documents. Always a credit.
Which of the following checks the arithmetical accuracy of accounts? O a. Balance sheet O b. Journal O c. Trial balance O d. Ledger
identify if the statements are true or false ASAP
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable.
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 is/are true regarding the T-account? a. the name or title of the account appears on the horizontal line. b. dates and other information can appear in T-accounts. c. one side of the space formed by the vertical line records increases in the item and the other side records decreases. d. all of the above Select one: A. dates and other information can appear in T-accounts. B. one side of the space formed by the vertical line records increases in the item and the other side records decreases. C. all of the above D. the name or title of the account appears on the horizontal line.
Which type of credit account is balanced in the last two columns of a worksheet? O A. Expense B. Revenue C. Accounts payable D. Accounts receivable
Which of the following is the order of steps to journalize an entry? O A. Record the transaction → Identify the accounts and the account type → Decide whether each account increases or decreases, then apply the rules of debits and credits O B. Decide whether each account increases or decreases, then apply the rules of debits and credits → Identify the accounts and the account type Record the transaction OC. Identify the accounts and the account type → Decide whether each account increases or decreases, then apply the rules of debits and credits → Record the transaction O D. Identify the accounts and the account type → Record the transaction Decide whether each account increases or decreases, then apply the rules of debits and credits
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume accounts have normal balances.
Normal Account Balances Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.