Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 2, Problem 2QS
Identifying financial
statement accounts
C2
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.
a. Cash
b. Prepaid Rent
c. Office Supplies
d. Prepaid Insurance
e. Office Equipment
f. Owner, Capital
g. Accounts Payable
h. Unearned Rent Revenue
i. Owner, Withdrawals
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TOPIC: Rules of Debit and Credit
Instruction: Identify the classification of account. And Choose the letter of the correct answer.
Questions:
1. Other Revenue a. Assetsb. Liabilitiesc. Equityd. Income e. Expense
2. Prepaid Renta. Assetsb. Liabilitiesc. Equityd. Income e. Expense
3. Allowance for Doubtful Accountsa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
4. Depreciationa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
5. Delivery Equipmenta. Assetsb. Liabilitiesc. Equityd. Income e. Expense
6. Used Shop Suppliesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
7. Utilities Expensea. Assetsb. Liabilitiesc. Equityd. Income e. Expense
8. Salaries and Wagesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
9. Beverage Inventorya. Assetsb. Liabilitiesc. Equityd. Income e. Expense
10. Uncollectible Accounta. Assetsb. Liabilitiesc. Equityd. Income e. Expense
11. Landa. Assetsb. Liabilitiesc. Equityd. Income e. Expense
12. Accounts Receivablea. Assetsb. Liabilitiesc. Equityd.…
What is an account receivable?
O a. Sales
O b. Asset
Oc. Income
O d. Creditors
Chapter 2 Solutions
Principles of Financial Accounting.
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected 2,500...Ch. 2 - Prob. 3MCQCh. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Prob. 5MCQCh. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Are debits or credits typically listed first in...
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 2 - Which financial statement is sometimes called the...Ch. 2 - APPLE Review the Apple balance sheet in Appendix...Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Identifying financial statement accounts C2...Ch. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Linking debit or credit with normal balance C4...Ch. 2 - Analyzing transactions and preparing journal...Ch. 2 - Prob. 7QSCh. 2 - Identifying a posting error A trial balance has...Ch. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Preparing an income statement P3 Liu Zhang...Ch. 2 - Prob. 13QSCh. 2 - Preparing a balance sheet P3 Use the information...Ch. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Identifying and classifying accounts Enter the...Ch. 2 - Identifying a ledger and chart of accounts C3...Ch. 2 - Prob. 4ECh. 2 - Analyzing effects of a compound entry A1 Groro Co....Ch. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Preparing T-accounts (ledger) and a trial balance...Ch. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Analyzing and journalizing transactions involving...Ch. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Analyzing a trial balance error You are told the...Ch. 2 - Calculating and interpreting the debt ratio A2...Ch. 2 - Prob. 23ECh. 2 - Prob. 5APCh. 2 - Prob. 6APCh. 2 - Prob. 7APCh. 2 - The accounting records of Tama Co. show the...Ch. 2 - Prob. 6BPCh. 2 - Prob. 7BPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - GLOBAL ANALYSIS A2 Key comparative figures for...Ch. 2 - Prob. 1BTNCh. 2 - COMMUNICATING IN PRACTICE Lila Corentine is an...Ch. 2 - Prob. 3BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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