II.Classify the following whether it is an Asset (A), Liability (4), Capital (C), Income (), or Expenses (E) byindicating on the first column provided the letter code. In the second column, indicate whether is a debit(DR) or a credit (CR)CLASSIFICATION OF ACCOUNTING VALUES AND THEIR POSITIONSA. ItemClassificationDR/CR1. Cash received2. Insurance paid3. Rental Collected4. Furniture bought5. Interest Paid6. Rent paid7. Owners Investment8. Investment collected9. Due from Customers10. Advertisement Paid11. Due to suppliers12. Load from a bank13. Owner's withdrawal14. Salaries paid15. Property mortgageB. Accounts1. Accts Receivable2. Notes Payable3. Rental Revenue4. Office Supplies5. Samson Capital6. Notes Receivable7. Mortgage Payable8. Samson Personal9. Rent Expense10. Commission Income| |

Name: II.Classify the following whether it is an Asset (A), Liability (4),
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Description: II.Classify the following whether it is an Asset (A), Liability (4), Capital (C), Income (), or Expenses (E) byindicating on the first column provided the letter code. In the second column, indicate whether is a debit(DR) or a credit (CR)CLASSIFICAT

Accounting equation is given as under: ASSETS = EQUITY + LIABILITIES

Business

Accounting

II. Classify the following whether it is an Asset (A), Liability (L), Capital (C), Income (), or Expenses (E) by indicating on the first column provided the letter code. In the second column, indicate whether is a debit (DR) or a credit (CR) CLASSIFICATION OF ACCOUNTING VALUES AND THEIR POSITIONS

II. Classify the following whether it is an Asset (A), Liability (L), Capital (C), Income (), or Expenses (E) by indicating on the first column provided the letter code. In the second column, indicate whether is a debit (DR) or a credit (CR) CLASSIFICATION OF ACCOUNTING VALUES AND THEIR POSITIONS

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

II.
Classify the following whether it is an Asset (A), Liability (4), Capital (C), Income (), or Expenses (E) by
indicating on the first column provided the letter code. In the second column, indicate whether is a debit
(DR) or a credit (CR)
CLASSIFICATION OF ACCOUNTING VALUES AND THEIR POSITIONS
A. Item
Classification
DR/CR
1. Cash received
2. Insurance paid
3. Rental Collected
4. Furniture bought
5. Interest Paid
6. Rent paid
7. Owners Investment
8. Investment collected
9. Due from Customers
10. Advertisement Paid
11. Due to suppliers
12. Load from a bank
13. Owner's withdrawal
14. Salaries paid
15. Property mortgage
B. Accounts
1. Accts Receivable
2. Notes Payable
3. Rental Revenue
4. Office Supplies
5. Samson Capital
6. Notes Receivable
7. Mortgage Payable
8. Samson Personal
9. Rent Expense
10. Commission Income
| |

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