Problem 1 - Identify and Classify Accounts Required: Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, indicate whether it is an asset, liability, or equity account. For each income statement account, indicate whether it is a revenue or expense account. Indentify the normal balance (debit or credit) for the account. Note: The Accounts that appear on the Statement of Equity, theoretically could also be chosen as appearing on the Balance Sheet Item Income Statement, Balance Sheet or Statement of EquityAsset, Liability, Equity, Revenue or ExpenseDebit or Credit Normal Balance 1Accounts Payable 02Fees Earned 03Supplies 04Prepaid Expenses 05Supplies Expense 06Cash 07Unearned Rent 08Land 09Fuel Expense 010Taxes Payable 011Common Stock 012Accounts Receivable 013Dividends 014Rent Expense 015Retained Earnings 0

Item Income Statement, Balance Sheet or Statement of Equity Asset, Liability, Equity, Revenue or…

Answered: Problem 1 - Identify and Classify…

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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Problem 1 - Identify and Classify Accounts

Required:
Identify each account as either a balance sheet account or an income statement account.
For each balance sheet account, indicate whether it is an asset, liability, or equity account.
For each income statement account, indicate whether it is a revenue or expense account.
Indentify the normal balance (debit or credit) for the account.
*Note: The Accounts that appear on the Statement of Equity, theoretically could also be chosen as appearing on the Balance Sheet*

Item		Income Statement, Balance Sheet or Statement of Equity	Asset, Liability, Equity, Revenue or Expense	Debit or Credit Normal Balance
1	Accounts Payable				0
2	Fees Earned				0
3	Supplies				0
4	Prepaid Expenses				0
5	Supplies Expense				0
6	Cash				0
7	Unearned Rent				0
8	Land				0
9	Fuel Expense				0
10	Taxes Payable				0
11	Common Stock				0
12	Accounts Receivable				0
13	Dividends				0
14	Rent Expense				0
15	Retained Earnings				0

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