QS 2-3 Reading a chart of accounts LO C3 A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. 0 Advertising Expense Bilis Payable Buildings c d Commissions Eemned e. Owner, Capital 1 Concessions Expanse Delivery Expense hEquipement 1 Food Drink Expense

QS 2-3 Reading a chart of accounts LO C3 A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. 0 Advertising Expense Bilis Payable Buildings c d Commissions Eemned e. Owner, Capital 1 Concessions Expanse Delivery Expense hEquipement 1 Food Drink Expense

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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FE5 Billing a company for services on account would result ina) Debit to Cashb) Credit to Cashc) Debit to Accounts Receivabled) Credit Accounts Payable
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 5,702.00 0 0 0 5,702.00 0 0 0 5,702.00 0 1 2 Accounts Receivable 809.00 0 0 0 809.00 0 0 0 809.00 0 2 3 Supplies 551.00 0 0 240.00 311.00 0 0 0 311.00 0 3 4 Prepaid Insurance 1,320.00 0 0 545.00 775.00 0 0 0 775.00 0 4 5 Equipment 7,351.00 0 0 0 7,351.00 0 0 0 7,351.00 0 5 6 Accum. Depr., Equipment 0 2,722.00 0 740.00 0 3,462.00 0 0 0 3,462.00 6 7 Van 10,468.00 0 0 0 10,468.00 0 0 0 10,468.00 0 7 8 Accumulated Depreciation, Van 0 3,274.00 0 1,255.00 0 4,529.00 0 0 0 4,529.00 8 9 Accounts Payable 0 1,536.00 0 0 0 1,536.00 0 0 0 1,536.00 9 10 B. Vance, Capital 0 19,748.00 0 0 0 19,748.00 0 0 0 19,748.00 10 11 B. Vance, Drawing 15,880.00 0 0 0 15,880.00 0 0 0 15,880.00 0 11 12 Fees Earned 0 37,218.00 0 0 0 37,218.00 0 37,218.00 0 0 12 13 Salaries Expense 18,295.00 0 660.00 0 18,955.00 0 18,955.00 0 0 0 13 14 Advertising Expense 2,119.00 0 0 0 2,119.00 0 2,119.00 0 0 0 14 15…
Exercise 5.1 (Static) Accounting Terminology (LO5-1, LO5-2, LO5-3, LO5-4, LO5-5, LO5-6 LO5-7) Listed as follows are nine technical terms: . Liquidity Adequate disclosure Income summary Nominal accounts . After-closing trial balance. . Interim financial statements .Real accounts Closing entries Dividends Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not describe any of the items. a. The accounting principle intended to assist users in interpreting financial statements. b. A term used to describe a company's ability to pay its obligations as they come due. c. A term used in reference to accounts that are closed at year-end. d. A term used in reference to accounts that are not closed at year-end. e. A document prepared to assist management in detecting whether any errors occurred in posting the closing entries. f. A policy decision by a corporation…
PDE IM-MODULE-3-Account X + file:///C:/Users/user/Documents/QUIJANO,%20JAN%20CLEO%20C/ACCOUNTING/IM-MODULE-3-Accounting-Fundamentals-P1-M.Chan%20(1).pdf Journalizing, Posting and Preparing a Trial Balance After several years with a large accounting firm, Virgie Dal decided to establish her own accounting practice. The following transactions of Virgie Dal, CPA, were completed during May 2012: May 2 Transferred P92,500 cash from a personal savings account to a checking account, Virgie Dal, CPA. Acquired office equipment on account from Gicain Furniture, P36,800. Acquired office supplies on account from Lorenzo Office Supply Company, P17,100. Performed accounting services for Cayaco Computer Company and submitted a bill of P29,200 for those services. Paid for accounting and tax books for use in the practice, P19,500. Paid Lorenzo Office Supply Company, P4,100 on account. Acquired a condominium unit for the accounting practice, P265,000. A down payment of P38,000 was made and issued a note…
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* CENGAGE MINDTAP Test 7A Income Statement Balance Sheet Revenue Expenses Assets Llabilltles Owner's Equlty Nelther Account Accounts Payable-Steinke Accounts Receivable-K. Hillsdale Advertising Expense Cash Cash Short and Over G. Rothchild, Capital G. Rothchild, Drawing Income Summary Insurance Expense Miscellaneous Expense Petty Cash Prepaid Insurance Rent Expense Sales Supplies Supplies Expense Utilities Expense DELL Oo0 oooooo ooo oooo Ooo 0C O ooo Ooo O Oololo
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