Financial Accounting (5th Edition) (What's New in Accounting)
5th Edition
ISBN: 9780134727790
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 2, Problem 4SE
To determine
Determine the appropriate account type of given accounts, and also indicate the order in the chart of account.
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S1-8. (Learning Objective 4: Identify income statement components)1. Identify the two basic categories of items on an income statement.2. What do we call the bottom line of the income statement?
Learning Task 1: 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:
Sales
Current Assets
Noncurrent Assets
Current Liabilities
Noncurrent Liabilities
Expenses
Net Income (Loss)
Chart of Accounts
SCI ACCOUNTS
SFP ACCOUNTS
ASSETS
Account
INCOME
Acc.
No.
No.
410
Service Fees
110
Cash
420
Sales
120
Accounts Receivables
Interest Income
Gains
Allow for Bad debts
430
125
130
Notes Receivable
440
EXPENSES
140
Inventory
150
Prepayments
510
Cost of SAles
Freight-out
Building
Accum Depn-Bldg
160
515
165
520
Salaries Expense
LIABILITIES
210
Accounts payable
530
Utilities Expense
Notes Payable
Interest Payable
Salaries Payable
Utilities Payable
220
540
Bad Debts
Depreciation
Advertising Expense
230
545
240
550
250
560
Taxes and Licenses
Unearned Income
Interest Expense
Miscellaneous Expense
260
570
EQUITY
Owner's Capital
Owner's Drawing
580…
S1-6. (Learning Objective 3: Identify assets, liabilities, and stockholders’ equity accounts)Classify the following items as an asset (A), a liability (L), or stockholders’ equity (S) forTarget Corporation, a large retailer:a. Landb. Accrued expenses payablec. Suppliesd. Equipmente. Notes payablef. Long-term debtg. Retained earningsh. Prepaid expensesi. Accounts payablej. Accounts receivablek. Merchandise inventoryl. Common stock
Chapter 2 Solutions
Financial Accounting (5th Edition) (What's New in Accounting)
Ch. 2 - The order in which assets were listed and...Ch. 2 - Prob. 2DQCh. 2 - How is revenue related to retained earnings?Ch. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Distinguish between journalizing and posting.Ch. 2 - True or false: If the trial balance is in balance,...Ch. 2 - When it is time to prepare the financial...
Ch. 2 - Which sequence of actions correctly summarizes the...Ch. 2 - Prob. 2SCCh. 2 - Prob. 3SCCh. 2 - Prob. 4SCCh. 2 - Prob. 5SCCh. 2 - Which journal entry records obtaining a bank loan...Ch. 2 - RV Wholesale, Inc., paid 1,200 for supplies and...Ch. 2 - Prob. 8SCCh. 2 - Prob. 9SCCh. 2 - Prob. 10SCCh. 2 - Prob. 11SCCh. 2 - Prob. 12SCCh. 2 - Prob. 1SECh. 2 - Prob. 2SECh. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Accounting terminology (Learning Objectives 2, 3, ...Ch. 2 - Effects of debits and credits on accounts...Ch. 2 - Balancing accounts and normal balances (Learning...Ch. 2 - Types of accounts and effects of debits and...Ch. 2 - Re-creating journal entries from T-account...Ch. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Prob. 13SECh. 2 - Accounting terminology (Learning Objectives 1, 2,...Ch. 2 - Prob. 15AECh. 2 - Journalizing transactions (Learning Objective 3)...Ch. 2 - Prob. 17AECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Prob. 19AECh. 2 - Prob. 20AECh. 2 - Prob. 21AECh. 2 - Prob. 22AECh. 2 - Prob. 23BECh. 2 - Prob. 24BECh. 2 - Prob. 25BECh. 2 - Balancing accounts and preparing a trial balance...Ch. 2 - Recording transactions and preparing a trial...Ch. 2 - Prob. 28BECh. 2 - Prob. 29BECh. 2 - Prob. 30BECh. 2 - Prob. 31APCh. 2 - Prob. 32APCh. 2 - Journalizing, posting, and preparing a trial...Ch. 2 - Prob. 34APCh. 2 - Preparing a trial balance, income statement,...Ch. 2 - Prob. 36APCh. 2 - Prob. 37BPCh. 2 - Prob. 38BPCh. 2 - Prob. 39BPCh. 2 - Prob. 40BPCh. 2 - Prob. 41BPCh. 2 - Prob. 42BPCh. 2 - Prob. 1CECh. 2 - Prob. 1CPCh. 2 - Prob. 1CFSAPCh. 2 - Prob. 1EIACh. 2 - Prob. 2EIACh. 2 - Prob. 1FACh. 2 - Prob. 1IACh. 2 - Prob. 1SBACh. 2 - Prob. 1WC
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