Question 2 (Marks: 5) Complete the table below by indicating if the balance of the account will be a debit or credit and indicate the accounting element to which the account belongs. Remember to indicate current or non-current too if applicable. You are required to redraft the table in your answer: Account name Debit or Credit balance (Dr/Cr) Accounting element: (Assets, Liabilities, Income, Expenses, Proprietary accounts, E.g. Land & Buildings Debit 1 Services Rendered 2 Purchases Returns 3 VAT Control (Refund due) 4 Rates & taxes 5 Interest income Question 3 Q Search Current/Non-current) Non-current Asset 9 W X (Marks: 10) ENG A US 100% Give Feedbac 202

Question 2 (Marks: 5) Complete the table below by indicating if the balance of the account will be a debit or credit and indicate the accounting element to which the account belongs. Remember to indicate current or non-current too if applicable. You are required to redraft the table in your answer: Account name Debit or Credit balance (Dr/Cr) Accounting element: (Assets, Liabilities, Income, Expenses, Proprietary accounts, E.g. Land & Buildings Debit 1 Services Rendered 2 Purchases Returns 3 VAT Control (Refund due) 4 Rates & taxes 5 Interest income Question 3 Q Search Current/Non-current) Non-current Asset 9 W X (Marks: 10) ENG A US 100% Give Feedbac 202

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 5GI: Explain how the accounting equation organizes financial information using T-accounts and debits and...

See similar textbooks

Similar questions

Explain how the accounting equation organizes financial information using T-accounts and debits and credits.
FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
Consider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned Revenue
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
TOPIC: Rules of Debit and Credit Instruction: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1. Other Revenue a. Assetsb. Liabilitiesc. Equityd. Income e. Expense 2. Prepaid Renta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 3. Allowance for Doubtful Accountsa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 4. Depreciationa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 5. Delivery Equipmenta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 6. Used Shop Suppliesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 7. Utilities Expensea. Assetsb. Liabilitiesc. Equityd. Income e. Expense 8. Salaries and Wagesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 9. Beverage Inventorya. Assetsb. Liabilitiesc. Equityd. Income e. Expense 10. Uncollectible Accounta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 11. Landa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 12. Accounts Receivablea. Assetsb. Liabilitiesc. Equityd.…
Subject :- Accounting
Briefly state the rules of debiting and crediting accounts classified on the basis of accounting equation.
Which one of the following account groups normally has a credit balance? O A. assets and liabilities B. equity and assets O C. assets and expenses D. liabilities and revenues O O O O
“Credit card” (with an outstanding balance) would be which type of account? a.Proprietary b.Expense c.Current asset d.Current liability e.Income
The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balance
(See chart below for the account titles) Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________ Noncurrent Assets:_______ Current Liabilities: ________ Noncurrent Liabilities: _______ Sales: ________ Expenses: ________ Net Income (Loss): ________