Question 23 0/1 point For each of the following, insert TWO answers. The first answer identifies the account type: asset, liability, equity, revenue, or expense. The second answer identifies the account as real or nominal. 7. Smith, Drawings Asset Liability V Equity Revenue Expense V Real Nominal For each of the following, insert TWO answers. The first answer identifies the account type: asset, liability, equity, revenue, or expense. The second answer identifies the account as real or nominal. 10. Interest income V Asset Liability Equity Revenue Expense V Real Nominal

Question 23 0/1 point For each of the following, insert TWO answers. The first answer identifies the account type: asset, liability, equity, revenue, or expense. The second answer identifies the account as real or nominal. 7. Smith, Drawings Asset Liability V Equity Revenue Expense V Real Nominal For each of the following, insert TWO answers. The first answer identifies the account type: asset, liability, equity, revenue, or expense. The second answer identifies the account as real or nominal. 10. Interest income V Asset Liability Equity Revenue Expense V Real Nominal

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

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 14GI

See similar textbooks

Similar questions

Q.2.1 Complete the table below by indicating for each account if the balance will be debit or credit and if it is classified as a non-current orcurrent asset, non-current or current liabilityYou are required to redraft the table in your assignment.(14)Name of account Dr/CrBalanceNon-currentassetCurrentassetNon-currentliabilityCurrentliabilityIncome Expense ProprietaryaccountsE.g. Land &BuildingsDebit XAdvertisingCreditors controlInterest on savingaccountCapitalFurnitureCash floatMortgage loan
w.com/takeAssignment/takeAssignmentMain.do?invoker= &takeAssign On the balance sheet, liabilities are generally classified as O legal or nonlegal. O probable or estimated. current or long-term. material or immaterial.
Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Note Receivable. __________ Accounts Payable.
CClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capital
95 Conceptual Framework Information that is capable of making a difference in the decisions made by users has this qualitative characteristic. a. Relevance b. Faithful representation 2. c. Timeliness d. Verifiability 3. When making materiality judgments, the overriding consideration is a. the ability of the item being judged to influence users' decisions. b. the size of the impact of the item being judged. the characteristics of the item being judged. C. d. cand d 4. This qualitative characteristic is unique in the sense that it necessarily requires at least two items. a. Verifiability b. Faithful representation c. Timeliness d. Comparability 5. Which of the following enhances the comparability of information? a. Making unlike things look alike. b. Making like things look different. c. Using different methods to account for similar transactions from period to period. d. Consistent application of accounting policies from period to period. 6. Information has this qualitative…
16 - Which of the following is the account where the increases are recorded to the receivable side and the decreases to the debit side?A) Asset AccountsB) Passive AccountsC) Accounts ReceivableD) Expense AccountsE) Passive regulating accounts
8. The two formats of presenting the SFP will yield different amount of total assets, liabilities and equity. * 16. The two formats of presenting the SCI will yield the same amount of total assets, liabilities and equity. * 6. Permanent accounts are found in the SFP.
Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.
JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Unearned Revenue is classified as a(n) ________ account. A. equity B. revenue C. liability D. asset
Classify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capital
6. Discount on Note Payable should be classified as a a. current assetb. contra account to Notes Payablec. part of stockholders' equityd. deferred debit