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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![Warm-up: Elements of Statement of Comprehensive Income
Identify the correct classification of each of the accounts listed. Put a check mark (v) in the appropriate
column.
Owner's
Account
Asset
Liability
Revenue
Expense
Equity
Accounts Payable
Accrued Interest Income
Accumulated Depreciation
Allowance for Bad Debts
Cash in Bank
Depreciation Expense
Bad Debts Expense
Interest Receivable
K. De Pedro, Drawing
Mortgage Payable
Petty Cash Fund
Prepaid Insurance
Prepaid Interest
Professional Fees
Repairs and Maintenance Expense
Salaries Payable
Service Income
SSS Premium Expense
Supplied on Hand
Supplies Inventory
Unearned Interest Income
Unexpired Insurance
Unused Supplies
Utilities Expense
Withholding Taxes Payable](https://content.bartleby.com/qna-images/question/fc1220e8-2368-4c41-b95f-fa56b69cefe5/f2c38ed8-f470-49ad-b09e-ee0c49573c05/ome17yq_thumbnail.png)
Transcribed Image Text:Warm-up: Elements of Statement of Comprehensive Income
Identify the correct classification of each of the accounts listed. Put a check mark (v) in the appropriate
column.
Owner's
Account
Asset
Liability
Revenue
Expense
Equity
Accounts Payable
Accrued Interest Income
Accumulated Depreciation
Allowance for Bad Debts
Cash in Bank
Depreciation Expense
Bad Debts Expense
Interest Receivable
K. De Pedro, Drawing
Mortgage Payable
Petty Cash Fund
Prepaid Insurance
Prepaid Interest
Professional Fees
Repairs and Maintenance Expense
Salaries Payable
Service Income
SSS Premium Expense
Supplied on Hand
Supplies Inventory
Unearned Interest Income
Unexpired Insurance
Unused Supplies
Utilities Expense
Withholding Taxes Payable
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- Classify each as an asset, liability, cash inflow, or cash outflow:arrow_forwardRecorded credit sales. Select the accounts) that would be debited and credited when recording the above transaction. If a second debit or credit does not apply, select "None" as a match. Debit = ? Credit = ? Options: Note Payable Accounts Receivable Salaries Expense Supplies Paid in Capital Common Stock Sales Revenue Salaries Payable Prepaid Insurance Unearned Revenue Cash Interest Expense Insurance Expense Supplies Expense Common Stock Equipment Accounts Payable Note Receivablearrow_forwardPaid interest expense on Note recorded previously (above). Select the account(s) that would be debited and credited when recording the above transaction. If a second debit or credit does not apply, select "None" as a match. Debit Debit Credit Credit Interest Expense Interest Payable Interest Payable Casharrow_forward
- Analyze each transaction and match it with the correct journal entry as stated. Be sure to look at each transaction carefully to ensure you make the correct choice. Purchase on account some office equipment Paid for utilities expense Paid the bank back the money previously borrowed on a note Paid the telephone bill received Made a partial payment to a creditor on account Took cash out of the business to pay for a personal bill Record revenues earned, but not collected yet Record internet expenses incurred, but not paid yet Received cash for the return of some equipment that was defective Received Payment from customer on an accounts receivable Made payment to an accounts payable Paid salary for office administrator Dr. Office Equipment; Cr. Acc Dr. Utilities Expense; Cr. Casl Dr. Accounts Payable; Cr. Cas Dr. Telephone Expense; Cr. C✓ Dr. Cash; Cr. Account Receivi Dr. Accounts Payable; Cr. Ca: ✓ Dr. Internet Expense; Cr. Acc Dr. Internet Expense; Cr. Acc Dr. Cash; Cr. Account Receiv:…arrow_forwardWhat is the total liabilities, please break down.arrow_forwardFill the table as per Format only.arrow_forward
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