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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 INCOME Account No. Acc. ASSETS No. 110 Cash 410 Service Fees 120 Accounts Receivables 420 Sales Allow for Bad debts Notes Receivable Interest Income Gains 430 125 130 440 140 Inventory EXPENSES Cost of SAles Prepayments Building Accum Depn-Bldg 150 510 Freight-out Salaries Expense 160 515 165 520 LIABILITIES 210 Accounts payable 530 Utilities Expense 220 Notes Payable 540 Bad Debts Interest Payable Depreciation Advertising Expense 230 545 240 Salaries Payable 550 250 Utilities Payable 560 Taxes and Licenses 260 Unearned Income 570 Interest Expense EQUITY Miscellaneous Expense 580 310 Owner's Capital 590 Losses 320 Owner's Drawing

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 INCOME Account No. Acc. ASSETS No. 110 Cash 410 Service Fees 120 Accounts Receivables 420 Sales Allow for Bad debts Notes Receivable Interest Income Gains 430 125 130 440 140 Inventory EXPENSES Cost of SAles Prepayments Building Accum Depn-Bldg 150 510 Freight-out Salaries Expense 160 515 165 520 LIABILITIES 210 Accounts payable 530 Utilities Expense 220 Notes Payable 540 Bad Debts Interest Payable Depreciation Advertising Expense 230 545 240 Salaries Payable 550 250 Utilities Payable 560 Taxes and Licenses 260 Unearned Income 570 Interest Expense EQUITY Miscellaneous Expense 580 310 Owner's Capital 590 Losses 320 Owner's Drawing

Intermediate Accounting: Reporting And Analysis
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...
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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 580 310 590 Losses E 320
Transcribed Image Text: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 580 310 590 Losses E 320
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9781337788281
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