Kent Erickson owns a service business called Kent's Go Karts, which uses these accounts. In order to create a chart of acCounts, you must first dassify each account. For each account, select the type of account (Assets, Liabilities, Owner's Equity, Revenue, Expenses) in the appropriate classification column. Classification Balance Sheet Income Statement Account Title Assets Liabilities Owner's Equity Revenue Expenses Accounts Payable-Ad World Accounts Recelvable-ABC Tours Accounts Payable-The Repair Shop Accounts Receivable-Seagate Travel Accounts Payable-Gas for Less Miscellaneous Expense Rent Expense Prepaid Insurance Kent Erickson, Drawing Cash Sales Supplies Advertising Expense Kent Erickson, Capital ㅇ

Kent Erickson owns a service business called Kent's Go Karts, which uses these accounts. In order to create a chart of acCounts, you must first dassify each account. For each account, select the type of account (Assets, Liabilities, Owner's Equity, Revenue, Expenses) in the appropriate classification column. Classification Balance Sheet Income Statement Account Title Assets Liabilities Owner's Equity Revenue Expenses Accounts Payable-Ad World Accounts Recelvable-ABC Tours Accounts Payable-The Repair Shop Accounts Receivable-Seagate Travel Accounts Payable-Gas for Less Miscellaneous Expense Rent Expense Prepaid Insurance Kent Erickson, Drawing Cash Sales Supplies Advertising Expense Kent Erickson, Capital ㅇ

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is a list of the accounts the company uses that includes the account numbers called with the accounts listed in order of the expanded accounting equation? Group of answer choices balance sheet chart of accounts income statement account
make a proper Chart of Accounts for ABC Company: Accounts Payable, Accounts Receivable, Advertising Expense, Cash, C.C. Capital, C.C. Drawing, Equipment, Inventory, Prepaid Insurance, Rent Expense, Sales, Supplies, Utilities Expense. We will work on this in class. Upload here if you don't finish in clas
Please explain proper steps by Step and Do Not Give Solution In Image Format And Fast Answering Please ? And Thanks In Advance
2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00
Match each of the five items listed below with one of the following locations: 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the worksheet a. Sales Returns and Allowances b. Accrued Salaries Payable c. Sales d. Merchandise Inventory e. Accounts Receivable a. Sales Returns and Allowance 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the…
Your new company paid the invoice for their account with Alli's Broom Supply Company. What would your journal entry look like when you record this transaction? a) Debit Cash; Credit Accounts Payable b) Debit Cash; Credit Supplies Expense c) Debit Accounts Receivable; Credit Cash d) Debit Accounts Payable; Credit Cash
In the columns Below insert the entry that would be made for each transaction under each accounting basis use an appropriate debit and credit account titles
Can you please help me with this ? 1-7 Enter it in the boxes and show me how to
Need asap