Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 2, Problem 2.5ME
Mini-Exercise 2.5
LO 2. 4
Identify accounts by category Listed here are a number of accounts: Land, Common stock, Merchandise inventory, Equipment, Cost of goods sold,
Required:
Which of the accounts listed above are not assets? How would you categorize each of these nonasset accounts?
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Students have asked these similar questions
State which account title the following terminologies belong:
A. Asset account title,
B. Liability Account Title
C. Income Account title
D. Expense Account title
E. Capital Account title
1. Sales
2. Drawing
3. Cash
4. Accounts Receivable
5. Notes Payable
6. Inventory
7. Salaries and Wages
8. Salaries Payable
9. Taxes and Licenses
10. Notes Receivable
question b: (...) amount in accounts receivable?
What is the normal balance of accounts payable?
Group of answer choices
debit
either debit or credit
This is an ambiguous question
credit
Chapter 2 Solutions
Accounting: What the Numbers Mean
Ch. 2 - Prob. 2.1MECh. 2 - Prob. 2.2MECh. 2 - Prob. 2.3MECh. 2 - Prob. 2.4MECh. 2 - Mini-Exercise 2.5 LO 2. 4 Identify accounts by...Ch. 2 - Mini-Exercise 2.6 LO 2. 4 Identify accounts by...Ch. 2 - Prob. 2.7ECh. 2 - Exercise 2.8 LO 2. 4 Identify accounts by category...Ch. 2 - Exercise 2.9 LQ 2 , 3 Understanding financial...Ch. 2 - Exercise 2.10 LO 2 , 3 Understanding financial...
Ch. 2 - Prob. 2.11ECh. 2 - Exercise 2.12 LQ 2. 3 Calculate retained earnings...Ch. 2 - Prob. 2.13ECh. 2 - Prob. 2.14ECh. 2 - Prob. 2.15PCh. 2 - Prob. 2.16PCh. 2 - Problem 2.17 LO 2, 3, 4 Understanding and...Ch. 2 - Problem 2.18 LO 2. 3, 4 Understanding and...Ch. 2 - Problem 2.19 LO 2, 3, 4 Prepare an income...Ch. 2 - Prob. 2.20PCh. 2 - Problem 2.21
LO 2, 3
Transaction...Ch. 2 - Prob. 2.22PCh. 2 - Problem 2.23 LO 2, 3, 5 Complete the balance sheet...Ch. 2 - Prob. 2.24PCh. 2 - Prob. 2.25PCh. 2 - Prob. 2.26PCh. 2 - Case 2.27 LO 2, 4, 6, 7 Prepare a personal balance...
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- Explain what is meant by the term real accounts (also known as permanent accounts).arrow_forwardSeveral accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory REQUIRED: List the accounts above that would normally have a credit balancearrow_forward3 moWhen recording a purchase of inventory on credit, which accounts are typically affected? A) Debit Accounts Payable, Credit Cash B) Debit Inventory, Credit Accounts Payable C) Debit Accounts Receivable, Credit Sales D) Debit Cash, Credit Inventoryarrow_forward
- Which of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Cash in Bank c. Accounts Payable d. Retained Earningsarrow_forward1-What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b. Accounts Receivable Dr. and Sales Cr c. Cash Dr. and Sales Cr d. Sales Dr. and Accounts Payable Crarrow_forwardA summarized statement of transactions relating to a particular person, item expense or income. a. invoice O b. voucher chart of accounts Cd. accountsarrow_forward
- 01 : - What are Accounts Receivable — AR ? - What are Importance of Accounts Receivable ?arrow_forwardAccounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An Assetarrow_forwardActivity 1: Journalize the following transactions and then post them to the General Ledger. Below are the transactions of Juan Manuell Enterprises for the month of May 2018. Maу 3 Mr. Manuell invested P500,000 cash. May 5 Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20. May 6 Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30. 59 63 / 164 Мay 9 Purchased office supplies from Galaxy Co. for cash, P3,000 through Check No. 0031. May 11 Gemini Enterprises settled its account in full. Issued OR#10241 Purchased merchandise from Polaris Trading, P55,000. Terms: P25,000 down payment, balance on account. Terms: 2/10, n/30. Check No. 0032. May 16 Purchased merchandise from Aurora Borealis Systems, P201,600. Terms: 2/10, n/30. May 25 May 26 Sold to Virgo Enterprises P150,000 worth of merchandise. Terms: 2/10, n/30. Мay 30 Purchases from Meteor Trading P80,000. Terms: 2/15, n/30. Procedures: 1. Analyze the given transactions. 2. Journalize each…arrow_forward
- Question 3 Which 3 are transaction types you can assign in a rule for money-out transactions? Transfer Journal entry Purchase order Credit memo Refund receipt Check Expensearrow_forwardFrom page 5-3 of the VLN, what is the appropriate relationship to compute net accounts receivable? Accounts receivable - Allowance for uncollectible accounts Accounts receivable - bad debt expense Accounts receivable - accumulated depreciationarrow_forwardAnswer only for question Receivable turnover, total debt ratio, time interest earned ratio and cash coverage ratioarrow_forward
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