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- 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.SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…
- What is total assets on this company's balance sheet? What is total current liabilities on this company's balance sheet? What is the correct order for the current liabilities section of the balance sheet? a. Accounts payable, payments to suppliers, deferred revenue, income tax payable b. Bank loan payable, Income tax payable, Accounts payable, Deferred revenue c. Accounts payable, Income tax payable, Payments to suppliers d. Accounts payable, Deferred revenue, Income tax payable e. Accounts payable, Income tax payable Enter the letter that corresponds to your choice. (A B C D E) What is total liabilities on this company's balance sheet? What is total equity on this company's balance sheet? What is the correct order for the equity section of the balance sheet? a. Owners' Capital, Retained earnings b. Retained earnings, Owners' capital c. Retained earnings, Owners' capital, Profit d. Retained earnings, Profit, Owners' capital e.…The following ledger accounts are for Eto Madali Lang General Services: a. Cash b. Accounts Receivable c. Madali, Capital d. Madali, Withdrawals e. Service Revenues f. Prepaid Rent g. Accounts Payable h. Short-term Investment i. Bonds Payable j. Land k. Supplies Expense l. Prepaid Insurance m. Utilities Expense n. Accumulated Depreciation o. Unearned Revenues p. Office Equipment q. Rent Payable r. Notes Receivable s. Interest Expense t. Notes Payable u. Supplies v. Interest Receivable w. Rent Expense x. Cash Equivalents Required: Design a table with the following column headings: account, asset, liability, owner’s equity, owner’s withdrawals, income, expense, normal balance (debit or credit). Classify the above ledger accounts by placing a checkmark in the appropriate column heading. Problem #2 – Debits and Credits Kayang Kaya Ko To Landscapers is in the business of maintaining condominium grounds. The following are some of the account titles used…Which of the following liabilities is created when a company receives cash for services to be provided in the future? A. Unearned Revenue B. Estimated Warranty Payable C. Accrued Liability D. Accounts Payable
- What is an account receivable? O a. Sales O b. Asset Oc. Income O d. CreditorsState which account title the following terminologies belong: A. Asset account title, B. Liability Account Title C. Income Account title D. Expense Account title E. Capital Account title 1. Sales 2. Drawing 3. Cash 4. Accounts Receivable 5. Notes Payable 6. Inventory 7. Salaries and Wages 8. Salaries Payable 9. Taxes and Licenses 10. Notes ReceivableSynergy Enterprise has the following financial statement items: Details Classification of account 1. Trade payable 2. Brand 3. Cash in hand 4. Cost of sales 5. Transportation charges 6. Property 7. Bond 8. Unearned ticket revenue 9. Notes payable 10. Bad debt recovered 11. Commission received 12. Telephone bill 13. Printing cost 14. 15. Accrued salary 16. Prepaid insurance Required: Indicate whether each of the accounts above is a Current Asset (CA), Non-Current asset (NCA), Current Liability (CL), Non-Current liability (NCL), Revenue (R), and Expense (E). Use the following format to prepare your answer. Details Classification of account Example: Salary and wages Expenses Trade payable 1. 2. Brand 3. Cash in hand Decrease in doubtful debt
- "Identify each of the following accounts of Kaiser Services Co. as asset, liability, stockholders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit:A.Accounts PayableB.Accounts ReceivableC.CashD.Common StockE.DividendsF.Fees EarnedG.Office EquipmentH.Rent ExpenseI.SuppliesJ.Wages ExpenseWhich of the following transactions would be recorded if using the accrual basis ofaccounting but not if using the cash basis of accounting?a. Borrowing moneyb. Paying off loansc. Purchasing inventory on accountd. Collecting customer paymentsThe following source document is used to support the transactions related to returns outwards to creditors/accounts payables: O a. Purchases invoices O b. Debit note O c. Credit note O d. Payable note