Select all that apply "Which statements below are true regarding permanent and temporary accounts? (Check all that apply.) Retained Earnings is a permanent account, but Dividends is a temporary account. Temporary accounts will appear on a post-closing trial balance. Permanent accounts are reported on the balance sheet. Temporary accounts are reported on the income statement. Permanent accounts will appear on a post-closing trial balance. Temporary accounts have a balance for one period only.

Select all that apply "Which statements below are true regarding permanent and temporary accounts? (Check all that apply.) Retained Earnings is a permanent account, but Dividends is a temporary account. Temporary accounts will appear on a post-closing trial balance. Permanent accounts are reported on the balance sheet. Temporary accounts are reported on the income statement. Permanent accounts will appear on a post-closing trial balance. Temporary accounts have a balance for one period only.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…
Which of the following accounts would need to be closed at the end of the period?a. Cashb. Supplies expensec. Unearned revenued. Accounts receivable
Recorded 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 Receivable
Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Question not attempted. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3
2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00
The income summary account is a permanent account. appears on the balance sheet. appears on the income statement. O is a temporary account.
Under the direct write-off method, uncollectible accounts expense is recognized Multiple Choice O ① in an adjusting entry at the end of the accounting period. when an account is determined to be uncollectible. when the allowance account has a zero balance. in a closing entry at the end of the accounting period.
Prepare a classified balance sheet in proper form.
Subject - account Please help me. Thankyou.
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Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No 2. Freight-Out Liability, Credit, Balance Sheet, No V Loss on Impairment of Intangible Assets 3. Expense, Debit, Income Statement, Yes 4. Gain on Acquisition of Business (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes Federal Income Tax Withheld 8. (Revenue or Gain), Debit, Income Statement, Yes…
T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) Prepaid Insurance choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period enter a debit balance choose the end date of the accounting period enter a credit balance Prepaid Rent choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose the end date of the accounting period…