FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Directions: Select accounts from the ledger of Garrison Company appear below. For each account, indicate the
following:
In the "Type of Account" column, indicate the nature of each account using the following abbreviations:
a) A Asset; L= Liability; OE Owner's Equity; R= Revenue; E Expense
b) In the "Increase Side" column, indicate the increase side of each account by inserting D (debit) or C (credit)
In the "Financial Statement" column, indicate in which finanical statement you would see the account:
c) Income Income Statement; Owner's Equity Statement of Owner's Equity; Balance Balance Statement
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Transcribed Image Text:Directions: Select accounts from the ledger of Garrison Company appear below. For each account, indicate the following: In the "Type of Account" column, indicate the nature of each account using the following abbreviations: a) A Asset; L= Liability; OE Owner's Equity; R= Revenue; E Expense b) In the "Increase Side" column, indicate the increase side of each account by inserting D (debit) or C (credit) In the "Financial Statement" column, indicate in which finanical statement you would see the account: c) Income Income Statement; Owner's Equity Statement of Owner's Equity; Balance Balance Statement
Account
1 Supplies
2 Notes Receivable
3 Fees Earned
Garrison, Drawing
5 Accounts Payable
6 Salaries Expense
Garrison, Capital
8 Accounts Receivable
9 Equipment
10 Notes Payable
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Transcribed Image Text:Account 1 Supplies 2 Notes Receivable 3 Fees Earned Garrison, Drawing 5 Accounts Payable 6 Salaries Expense Garrison, Capital 8 Accounts Receivable 9 Equipment 10 Notes Payable
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