Instruction: Indicate on the space provided, (1)(X)on the element where the accountbelong (2) BS if the account is Balance Sheet account and IS if the account is incomestatement account; Dr (debit) or Cr (credit) to identify the normal balance of theII.ассount.OWNER'SAccountsASSET LIABILITESBS or ISDr or CrEQUITY1. Repairs and MaintenanceExpense2. Salaries and Wages Expense3. Notes Payable4. Notes Receivable5. Service Vehicle6. Mortgage Payable7. Utilities Expense8. Furniture and Fixtures9. Communication Expense10. Employees' benefits payable11. Office Equipment

The income statement and balance sheet are the financial statements of the business.

Answered: Instruction: Indicate on the space…

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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Similar questions

Amounts owed for products or services purchased on account are called ________
Which of the following correctly describes how accounts payable will appear on the financial statements? Multiple Choice O O Liability on the balance sheet Asset on the balance sheet Expense on the income statement Revenue on the income statement
Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current liability. С. expense. d. revenue.
For every debit entry there must be a credit entry. O A. Principle of entity O B. Principle of double entry O C. Principle of historical cost OD. Principle of materiality Previous page
The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue, credit d. liability, credit
IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the following instructions, indicate the following: ASSETS- if the transaction results to an asset LIABILITY- if the transaction results to a liability EQUITY- if the transaction results to an equity INCOME - if the transaction results to an income EXPENSE - if the transaction results to an expense WITHDRAWAL- if the transaction results to a withdrawal N/A- if the transaction does not result to any of the elements. Receipt of cash for services rendered to clients. Collection of rentals from lessees. Purchase of supplies on credit.
Reversing entries are used in income collected in advance when the | point adjusting entry has a Debit to an asset Debit to a Liabilty credit to Expense Credit to Income
For each account, identify whether the normal balance is a debit or credit a.Notes Payable b.Dividends c.Service Revenue How do i figure this out?
Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic
Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
Use the list of concepts given to match the description of the concept to the concept.
Which of the following is considered an asset? A. Accounts Payable B. Accounts Receivable C. Sales Revenue D.Owner's Equity

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