College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 7, Problem 5MC

When the cash short and over account has a debit balance at the end of the month, it is considered

  1. (a) an expense.
  2. (b) an asset.
  3. (c) revenue.
  4. (d) a liability.
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The debit balance in Cash Short and Over at the end of an accounting period is reported as
Prepaid Expense has the account type of Checking with a starting balance of
How would each of the following items be reported on the balance sheet? a.   Accrued vacation pay. b.   Estimated taxes payable. c.   Service warranties on appliance sales. d.   Bank overdraft. e.   Employee payroll deductions unremitted. f.   Unpaid bonus to officers. g.   Deposit received from customer to guarantee performance of a contract. h.   Sales taxes payable. i.   Gift certificates sold to customers but not yet redeemed. j.   Premium offers outstanding. k.   Discount on notes payable. l.   Personal injury claim pending. m.   Current maturities of long-term debts to be paid from current assets. n.   Cash dividends declared but unpaid. o.   Dividends in arrears on preferred stock. p.   Loans from officers.

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College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

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