Problem 1 - Identify and Classify Accounts Required: Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, indicate whether it is an asset, liability, or equity account. For each income statement account, indicate whether it is a revenue or expense account. Indentify the normal balance (debit or credit) for the account. Note: The Accounts that appear on the Statement of Equity, theoretically could also be chosen as appearing on the Balance Sheet Item Income Statement, Balance Sheet or Statement of Equity Asset, Liability, Equity, Revenue or Expense Debit or Credit Normal Balance 1 Accounts Payable 0 2 Fees Earned 0 3 Supplies 0 4 Prepaid Expenses 0 5 Supplies Expense 0 6 Cash 0 7 Unearned Rent 0 8 Land 0 9 Fuel Expense 0 10 Taxes Payable 0 11 Common Stock 0 12 Accounts Receivable 0 13 Dividends 0 14 Rent Expense 0 15 Retained Earnings 0
Problem 1 - Identify and Classify Accounts Required: Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, indicate whether it is an asset, liability, or equity account. For each income statement account, indicate whether it is a revenue or expense account. Indentify the normal balance (debit or credit) for the account. Note: The Accounts that appear on the Statement of Equity, theoretically could also be chosen as appearing on the Balance Sheet Item Income Statement, Balance Sheet or Statement of Equity Asset, Liability, Equity, Revenue or Expense Debit or Credit Normal Balance 1 Accounts Payable 0 2 Fees Earned 0 3 Supplies 0 4 Prepaid Expenses 0 5 Supplies Expense 0 6 Cash 0 7 Unearned Rent 0 8 Land 0 9 Fuel Expense 0 10 Taxes Payable 0 11 Common Stock 0 12 Accounts Receivable 0 13 Dividends 0 14 Rent Expense 0 15 Retained Earnings 0
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter2: Analyzing Transactions: The Accounting Equation
Section: Chapter Questions
Problem 5SEA: FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L),...
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Problem 1 - Identify and Classify Accounts |
Required: | |||||
Identify each account as either a |
|||||
For each balance sheet account, indicate whether it is an asset, liability, or equity account. | |||||
For each income statement account, indicate whether it is a revenue or expense account. | |||||
Indentify the normal balance (debit or credit) for the account. | |||||
Note: The Accounts that appear on the Statement of Equity, theoretically could also be chosen as appearing on the Balance Sheet |
Item | Income Statement, Balance Sheet or Statement of Equity | Asset, Liability, Equity, Revenue or Expense | Debit or Credit Normal Balance | ||
1 | Accounts Payable | 0 | |||
2 | Fees Earned | 0 | |||
3 | Supplies | 0 | |||
4 | Prepaid Expenses | 0 | |||
5 | Supplies Expense | 0 | |||
6 | Cash | 0 | |||
7 | Unearned Rent | 0 | |||
8 | Land | 0 | |||
9 | Fuel Expense | 0 | |||
10 | Taxes Payable | 0 | |||
11 | Common Stock | 0 | |||
12 | 0 | ||||
13 | Dividends | 0 | |||
14 | Rent Expense | 0 | |||
15 | 0 | ||||
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