Asset: Assets refer to the resources owned by the business, which are utilized in the course of the business to generate revenue. Liability: Liabilities include the claims of the creditors on the assets of the business. The liability is the obligation of the business. Stockholder’s equity : Stockholder’s equity refers to the right the owner possesses over the resources of the business. Revenues and the expenses are the components of the owner’s equity. Revenues: Revenue refers to the income received from the business activity or sale of the output, during the accounting period. Expenses: Expenses refer to the cost incurred on the necessary purchases of the fixed assets by the firm, or the production of the goods and services, during the accounting period. To Indicate: The type of account for each of the given accounts.

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Answer 1

Question

Chapter 2, Problem 2.3AP

(1)

To determine

Asset:

Assets refer to the resources owned by the business, which are utilized in the course of the business to generate revenue.

Liability:

Liabilities include the claims of the creditors on the assets of the business. The liability is the obligation of the business.

Stockholder’s equity:

Stockholder’s equity refers to the right the owner possesses over the resources of the business. Revenues and the expenses are the components of the owner’s equity.

Revenues:

Revenue refers to the income received from the business activity or sale of the output, during the accounting period.

Expenses:

Expenses refer to the cost incurred on the necessary purchases of the fixed assets by the firm, or the production of the goods and services, during the accounting period.

To Indicate: The type of account for each of the given accounts.

(2)

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance
Asset account Debit balance
Liability account Credit balance
Expense account Debit balance
Revenue account Credit balance
Common stock account Credit balance
Dividend account Debit balance

Table (2)

To Indicate: The type of account for each of the given accounts.

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The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…

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Answer 2

Question

Chapter 2, Problem 2.3AP

(1)

To determine

Asset:

Assets refer to the resources owned by the business, which are utilized in the course of the business to generate revenue.

Liability:

Liabilities include the claims of the creditors on the assets of the business. The liability is the obligation of the business.

Stockholder’s equity:

Stockholder’s equity refers to the right the owner possesses over the resources of the business. Revenues and the expenses are the components of the owner’s equity.

Revenues:

Revenue refers to the income received from the business activity or sale of the output, during the accounting period.

Expenses:

Expenses refer to the cost incurred on the necessary purchases of the fixed assets by the firm, or the production of the goods and services, during the accounting period.

To Indicate: The type of account for each of the given accounts.

(2)

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance
Asset account Debit balance
Liability account Credit balance
Expense account Debit balance
Revenue account Credit balance
Common stock account Credit balance
Dividend account Debit balance

Table (2)

To Indicate: The type of account for each of the given accounts.

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Answer 3

Question

Chapter 2, Problem 2.3AP

(1)

To determine

Asset:

Assets refer to the resources owned by the business, which are utilized in the course of the business to generate revenue.

Liability:

Liabilities include the claims of the creditors on the assets of the business. The liability is the obligation of the business.

Stockholder’s equity:

Stockholder’s equity refers to the right the owner possesses over the resources of the business. Revenues and the expenses are the components of the owner’s equity.

Revenues:

Revenue refers to the income received from the business activity or sale of the output, during the accounting period.

Expenses:

Expenses refer to the cost incurred on the necessary purchases of the fixed assets by the firm, or the production of the goods and services, during the accounting period.

To Indicate: The type of account for each of the given accounts.

(2)

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance
Asset account Debit balance
Liability account Credit balance
Expense account Debit balance
Revenue account Credit balance
Common stock account Credit balance
Dividend account Debit balance

Table (2)

To Indicate: The type of account for each of the given accounts.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 2.3AP

(1)

To determine

Asset:

Assets refer to the resources owned by the business, which are utilized in the course of the business to generate revenue.

Liability:

Liabilities include the claims of the creditors on the assets of the business. The liability is the obligation of the business.

Stockholder’s equity:

Stockholder’s equity refers to the right the owner possesses over the resources of the business. Revenues and the expenses are the components of the owner’s equity.

Revenues:

Revenue refers to the income received from the business activity or sale of the output, during the accounting period.

Expenses:

Expenses refer to the cost incurred on the necessary purchases of the fixed assets by the firm, or the production of the goods and services, during the accounting period.

To Indicate: The type of account for each of the given accounts.

(2)

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance
Asset account Debit balance
Liability account Credit balance
Expense account Debit balance
Revenue account Credit balance
Common stock account Credit balance
Dividend account Debit balance

Table (2)

To Indicate: The type of account for each of the given accounts.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 2.3AP

(1)

To determine

Asset:

Assets refer to the resources owned by the business, which are utilized in the course of the business to generate revenue.

Liability:

Liabilities include the claims of the creditors on the assets of the business. The liability is the obligation of the business.

Stockholder’s equity:

Stockholder’s equity refers to the right the owner possesses over the resources of the business. Revenues and the expenses are the components of the owner’s equity.

Revenues:

Revenue refers to the income received from the business activity or sale of the output, during the accounting period.

Expenses:

Expenses refer to the cost incurred on the necessary purchases of the fixed assets by the firm, or the production of the goods and services, during the accounting period.

To Indicate: The type of account for each of the given accounts.

(2)

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance
Asset account Debit balance
Liability account Credit balance
Expense account Debit balance
Revenue account Credit balance
Common stock account Credit balance
Dividend account Debit balance

Table (2)

To Indicate: The type of account for each of the given accounts.

Answer 6

Chapter 2, Problem 2.3AP

(1)

To determine

Asset:

Assets refer to the resources owned by the business, which are utilized in the course of the business to generate revenue.

Liability:

Liabilities include the claims of the creditors on the assets of the business. The liability is the obligation of the business.

Stockholder’s equity:

Stockholder’s equity refers to the right the owner possesses over the resources of the business. Revenues and the expenses are the components of the owner’s equity.

Revenues:

Revenue refers to the income received from the business activity or sale of the output, during the accounting period.

Expenses:

Expenses refer to the cost incurred on the necessary purchases of the fixed assets by the firm, or the production of the goods and services, during the accounting period.

To Indicate: The type of account for each of the given accounts.

Answer 7

Chapter 2, Problem 2.3AP

(1)

To determine

Asset:

Assets refer to the resources owned by the business, which are utilized in the course of the business to generate revenue.

Liability:

Liabilities include the claims of the creditors on the assets of the business. The liability is the obligation of the business.

Stockholder’s equity:

Stockholder’s equity refers to the right the owner possesses over the resources of the business. Revenues and the expenses are the components of the owner’s equity.

Revenues:

Revenue refers to the income received from the business activity or sale of the output, during the accounting period.

Expenses:

Expenses refer to the cost incurred on the necessary purchases of the fixed assets by the firm, or the production of the goods and services, during the accounting period.

To Indicate: The type of account for each of the given accounts.

Answer 8

(2)

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance
Asset account Debit balance
Liability account Credit balance
Expense account Debit balance
Revenue account Credit balance
Common stock account Credit balance
Dividend account Debit balance

Table (2)

To Indicate: The type of account for each of the given accounts.

Answer 9

(2)

To determine

Normal balance:

Normal balance refers to the excess of amount on one side, over the amount on the other side in an account. The excess amount of debit side over the credit side is shown as the normal debit balance. The excess amount of credit side over the debit side is shown as the normal credit balance.

Type of account Normal balance
Asset account Debit balance
Liability account Credit balance
Expense account Debit balance
Revenue account Credit balance
Common stock account Credit balance
Dividend account Debit balance

Table (2)

To Indicate: The type of account for each of the given accounts.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 2 - Prob. 1RQ Ch. 2 - 2.List the steps we use to measure external...Ch. 2 - 3.Each external transaction will have a dual...Ch. 2 - 4.Describe the impact of each of these external...Ch. 2 - Prob. 5RQ Ch. 2 - Prob. 6RQ Ch. 2 - Prob. 7RQ Ch. 2 - Prob. 8RQ Ch. 2 - Prob. 9RQ Ch. 2 - 10.Suzanne knows that an increase to an expense...

Solution Summary: The author explains the types of accounts for each of the given accounts. Assets refer to the resources owned by the business, which generate revenue.

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Chapter 2 Solutions

Type of account	Normal balance
Asset account	Debit balance
Liability account	Credit balance
Expense account	Debit balance
Revenue account	Credit balance
Common stock account	Credit balance
Dividend account	Debit balance