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

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 an asset? Select one: O a. Accounts payable O b. Salary expense…

A: STEP 1 An asset is something or attribute that creates future economic cash flows or benefit arising…

Q: The accounting equation may be expressed as(a) Assets = Liabilities - Owner's Equity.(b) Assets =…

A: The different accounts in business balance sheet are described as assets, liabilities and owner's…

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: Which element of the financial statements is the drawings account? A.Asset B.Expense C.Liability…

A: Drawings represents the withdrawals of owner from the business. It is not an expense for 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: 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: Which of the accounts listed below would be classified as asset accounts? Group of answer choices…

A: Assets means anything which would help business to earn profits and increase profit earning…

Q: The detailed record of the changes in a particular asset, liability, or stockholders’ equity is…

A:

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: Time period is the accounting assumption.

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: The detailed record of the changes in a particular asset, liability, or stockholders’ equity is…

A: An account consists of detailed record showing the changes in particular asset, liability or…

Q: provide the two names of (a) assets accounts (b) liability accounts and (c) equity accounts

A: a) Asset accounts : Assets are the resources held by company from which future economic benefits are…

Q: Which of the following normally have a debit balance? Liability accounts Equity or capital accounts…

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances.Their…

Q: Which of these accounts can be found in the post-clo: O Assets and liabilities O Assets,…

A: Post-closing trial balance show the all debit and credit balance of assets and liabilities and…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

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: We have to classify given account as an asset (A), liability (L), or equity (EQ) account.

Q: Financial information is prese

A: Gross Profit means excess of revenue over cost of direct expenses. To calculate Gross profit, Cost…

Q: Define the expenses of products and periods and explain how they affect financial accounts.

A: This question explains about products and periods and financial accounts.

Q: When an organization considers its work-in-process, how should it be classified on a balance sheet?…

A: Work in process is a part of the inventory component of balance sheets, Inventory is categorized…

Q: Journalizing includes Recording transactions and events that effect particular asset, liability,…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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 each of the following items as revenues (R), expenses (EX), or withdrawals (W). Insurance…

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

Q: Which of these accounts is an asset? A. Common Stock B. Supplies C. Accounts Payable D. Fees Earned

A: Introduction: Assets: Asset means having Economic value to the resource. Assets are of two types: 1…

Q: Which Accounting Principles says personal expenses should be debited to Drawings Account. a.…

A: Lets understand all the accounting principal given in the option. As per the accounting entity…

Q: Which one of the following equations correctly expresses the relationship * ?between assets (A),…

A: The accounting transactions effect two or more accounts of the business making accounting equation…

Q: Classify each item as an asset, liability, or stockholders' equity. Accounts payable Cash Equipment…

A: Liabilities is amount payable which occurs due to past events or transactions.They can be current or…

Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…

A: Statement of financial affairs:   Statement of financial affairs refers to a statement of assets and…

Q: The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue,…

A: In accounting, there are three types of accounts:1. Personal account: This account represents the…

Q: Which should be classified as a financial asset? a. Patent b. Trade Accounts Receivable c.…

A: Financial assets are also known as non-physical assets. It is because it is generated through a…

Q: Demonstration of the relationship between GAAP and accounting practices (e.g., matehing prineiple…

A: The process by which financial transactions of the business are recorded and communicated with the…

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 represents all the elements of the financial statements? A. Assets, equity,…

A: Introduction: Balance sheet: Assets and liabilities are shown in Balance sheet. It tells the net…

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…

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