For each transaction, indicate whether each account would be classified in the balance sheet as (a) an asset, (b) a liability, or (c) stockholders’ equity; in the income statement as (d) a revenue or (e) an expense; or in the statement of stockholders’ equity as (f) a dividend. Account Classifications Accounts Related Transactions 1. _________ Rent expense Cost of rent. 2. __________ Interest revenue Interest earned on savings account. 3. __________ Dividends Cash payments to stockholders. 4. __________ Land Land used for operations. 5. ___________ Accounts payable Amounts owed to suppliers.

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 balance sheet lists which of the following?A. assets, liabilities, and owners’ equityB.…

A: Every business wants to see and review its financial results at the end of the period. It means how…

Q: Match each account or description on the left with the appropriate classification on the right. v…

A: The contra-liability represents those accounts created by the management to set off the liability…

Q: Explain the components of income statement, Owners equity Statement and Balance sheet statement?

A: Income Statement:   It is a financial statement prepared by a company at the end of a financial…

Q: Which of the following accounts are under owners equity? O a. Unearned revenue O b. Cash O .…

A: Solution: Retained earnings are undistributed profits of the company that are retained by the…

Q: The interest paid is on the amounts borrowed in order to finance the day-to-day operations Select…

A: Interest paid is reported under operating activities for the firm.

Q: For each Account Type, identify the Financial Statement on which the account would appear (balance…

A: Note: As per general accounting rule, All the assets and expenses have the debit balance and all the…

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: State the normal balances for the following accounts: a. Assets b. Liabilities c. Capital d. Drawing…

A: Revenue: Revenue is money your business receives from its normal business activities. Expenses:…

Q: Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or…

A: Assets and Expenses accounts have the debit balance and liabilities and income have the credit…

Q: Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A.…

A: Assets = Liabilities + Stockholders Equity Stockholders' Equity = Common stock + Retained earnings…

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: Which of the following types of accounts appear on the Statement of Financial Position and Statement…

A: Permanent accounts are those accounts that carry balances forward from one accounting period to the…

Q: From othe basic accounting equation Assets = Liabilities + Owners Equity, where does uncollectible…

A: As per accounting equation, assets = Liabilities + owners' equity

Q: Identify which of the following accounts would be listed on the company’s Post-Closing…

A: Closing entries are those journal entries which are passed at the end of accounting period in order…

Q: ndicate whether the following items would appear on the income statement, balance sheet, or retained…

A: Financial statements are detailed reports prepared to present the financial performance of an…

Q: state what financial statement or statments the following accounts are found on 1) Income Statement…

A: Financial Statement Financial statement are refer as the statement which tells the financial…

Q: A credit balance on a ledger account indicates……… a.an asset or expense b.a liability or an expense…

A: A credit balance is expected for the following accounts: i) Liability accounts  such as accounts…

Q: Which of the following accounts is an owners equity account ? A.Account payable B.Prepaid expenses…

A: Owners Equity Account It is the owners' investment in an asset after all liabilities have been…

Q: CClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE)

A: Assets are used in business operation and is investment made by company using its equity and…

Q: Multiple choice: 1. Earning revenue on account: A. decrease assets B. increases liabilities C.…

A: 1. Earning revenue on account:  It means supplying goods or services on account and payment will be…

Q: Identify the correct components of the income statement.A. revenues, losses, expenses, and gainsB.…

A: The income statement seems to be a statement that displays the net profit of the company as well as…

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: What are the the main classifications/types of accounts? Income statement accounts Balance sheet…

A: Account means the systematic record of various transactions entered by businesses. Income statement…

Q: Identify the financial statement on which each of the following accounts would appear:   the income…

A: The income statement includes the revenues and expenses of the company. Whereas, balance sheet…

Q: For each transaction, indicate whether each account would be classified in the balance sheet as (a)…

A:

Q: Which pair of accounts follows the rules of debit and credit in relation to increases and decreases…

A: The different accounts in business have a normal debit and credit balances. The assets and expenses…

Q: Identify or classify the different account titles as to whether the belong to Assets, Liabilities,…

A: Current assets are those assets which are expected to be sold as an outcome of the business…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.