Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. Accounts Payable

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Land

A: Asset represents resource of the business. Liability represents obligation of the business to the…

Q: Which of the following accounts is considered a permanent or real account?A. Interest RevenueB.…

A: Financial Statements: Financial statements are an assortment of outline-level reports about an…

Q: Describe how debits and credits affect assets, liabilities, and permanent owners’ equity accounts.

A: Asset: Assets refer to the resources owned by the business, which are utilized in the course of the…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: xplain what are contra asset accounts, where they are on shown on the financial statements and give…

A: Contra Asset: A contra asset is, well, a contra asset. All assets, in general, have a debit balance,…

Q: List the five account categories, specify their natural balance and which financial statement they…

A: Financials statements are prepared for analysis of different operational aspects of business such as…

Q: Give me an examples of t account for my accounting class.  I need examples with asset, liability…

A: T accounts are the general ledger accounts that is being prepared by the business for posting of…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts.…

A: There were three types of accounts that were involved in recording the journal entries. They are…

Q: Classify each of the following items as assets (A), liabilities (L), or equity (EQ). Owner, Capital

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name.…

A: Asset - generally asset is a resource that fetches cash inflow into the organization. it is not…

Q: Give a financial description of the Balance S

A: Balance Sheet : It is the sheet which shows the Assets, Liabilities and Equity and shows Assets =…

Q: b.) Credit

A: Prepayment is an accounting term referred to the types of expenses not incurred yet but for which…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Indicate the financial statement on which each of the following items appears. income…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: List various accounts in the balance sheet that representdeferred expenses.

A: Deferred expense: Expense which can be only be recognized on a future date.

Q: Accounts that normally have a credit balance are… lag stion © A. Expenses, capital & liabilities B.…

A: The normal balance is the balance side that increases the value of an item. And the opposite side of…

Q: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

Q: Describe the elements of the Statement of Financial Position. Also, differentiate Current and Non…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. Cash

A: Assets, liabilities, and equity are balance sheet elements.

Q: - Classification of Balance Sheet Account

A: The items in the Balance Sheet are classified according to the nature of each item.

Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…

A: Assets accounts are those accounts that are related to resources of the organisation. Liability…

Q: Compute for the total current assets, non-current assets, current liabilities, non-current…

A: Assets, Liabilities and Equity are three important elements of the balance sheet of the business

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Equipment

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd.…

A: The correct option is option “a”. Unearned revenue is not classified as an asset, owners' equity,…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Rent…

A: Revenues are the amount received from the sale of goods and services.  Expenses are the cost…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Rent Expense expense

Q: Which of the following describes the classification and normal balance of the unearned fees account?…

A: UNEARNED FEES :  IT IS A UNEARNED REVENUE ( CASH RECEIVED IN ADVANCE FOR PROVIDING GOODS AND…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Assets are anything of significant worth that is possessed by people, organizations, and governments…

Q: An account is a record of increases and in a specific asset, liability, equity, revenue or expense.

A: The question is vague as the statement is first incomplete and second, the question is not…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Prepaid rent is the advance rent paid for the future period.

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Accounts…

A: Asset is a resource from which a entity expects  future economic benefits from its use. Liability is…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Meaning of Assets Assets are the items which a company holds in the view that it provides some…

Q: CREATE AN EXAMPLE OF CHART OF ACCOUNTS. (SHOULD BE ARRANGED FROM ASSETS TO EXPENSES)

A: A chart of accounts is a list of all financial accounts in a corporation's general ledger. In a…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: The financial statements are prepared by passing the journal entries, adjusting entries,…

Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…

A: The correct answer is  d. An asset

Q: etail current assets b. list the non-current assets c. list the liabilities d. list the non…

A: Cash flow statement which are used to assess the information of total net changes in the assets…

Q: Compute the amounts of expense and the related liability and equity components in each

A:

Q: The type of account with a normal credit balance is: Group of answer choices an asset drawing a…

A:

Q: Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.

A: Assets, liabilities, and equities are the three sections of the balance sheet.

Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…

A: Liability refers to state of being liable or taking legal possession of something.

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Prepaid…

A: Owners’ equity: It is a owner's value and amount invested by an individual in the firm. It is…

Q: Accounts payable would appear on the balance sheet as a

A: Accounts payable (AP) is an account within the general ledger that represents a company's obligation…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is