FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Question
Chapter 2, Problem 30ME
To determine
Identify the effect of the given independent transactions using financial statements effect templet.
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Under the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear.
Financial Statement
Code
Income Statement
I/S
Balance Sheet
B/S
Statement of Owner's Equity
O/E
b.
For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a.
Balance Sheet Classification
Code
Current Assets
CA
Long-term Investments
LTI
Property, Plant and Equipment
PPE
Intangibles
I
Goodwill
G
Current Liabilities
CL
Non-Current Liabilities
NCL
Owner's Equity
OE
Not on the Balance Sheet
n/a
a.
b.
Accounts in financial statement
Financial Statement
Balance Sheet Classification
Accumulated depreciation – furniture
Interest…
Which of the following correctly describes how accounts payable will appear on the financial statements?
Multiple Choice
O
O
Liability on the balance sheet
Asset on the balance sheet
Expense on the income statement
Revenue on the income statement
Identify the effect of the account titles in the following transaction choose from the
word inside the parenthesis. Support your answer.
1. If assets are recorded on the debit it (increases or decreases)? Why?
2. If liabilities are recorded on the debit side, (increases or decreases)? Why?
3. What happen to capital if there is an income? (increases, decreases)? why?
4. What happen to capital if there is an expense? (increases, decreases)? Why?
5. If there is an owners' drawing, it is (deducted or added) to capital? Why?
Chapter 2 Solutions
FINANCIAL ACCOUNTING
Ch. 2 - Prob. 1MCCh. 2 - Prob. 2MCCh. 2 - Prob. 3MCCh. 2 - Prob. 4MCCh. 2 - Prob. 5MCCh. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 3QCh. 2 - Prob. 4QCh. 2 - Prob. 5Q
Ch. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - Prob. 14MECh. 2 - Prob. 15MECh. 2 - Prob. 16MECh. 2 - Prob. 17MECh. 2 - Prob. 18MECh. 2 - Prob. 19MECh. 2 - Prob. 20MECh. 2 - Prob. 21MECh. 2 - Prob. 22MECh. 2 - Prob. 23MECh. 2 - Prob. 24MECh. 2 - Prob. 25MECh. 2 - Prob. 26MECh. 2 - Prob. 27MECh. 2 - Prob. 28MECh. 2 - Prob. 29MECh. 2 - Prob. 30MECh. 2 - Prob. 31MECh. 2 - Prob. 32MECh. 2 - Prob. 33MECh. 2 - Prob. 34ECh. 2 - Prob. 35ECh. 2 - Prob. 36ECh. 2 - Prob. 37ECh. 2 - Prob. 38ECh. 2 - Prob. 39ECh. 2 - Prob. 40ECh. 2 - Prob. 41ECh. 2 - Prob. 42ECh. 2 - Prob. 43ECh. 2 - Prob. 44ECh. 2 - Prob. 45ECh. 2 - Prob. 46ECh. 2 - Prob. 47ECh. 2 - Prob. 48ECh. 2 - Prob. 49PCh. 2 - Prob. 50PCh. 2 - Prob. 51PCh. 2 - Prob. 52PCh. 2 - Prob. 53PCh. 2 - Prob. 54PCh. 2 - Prob. 55PCh. 2 - Prob. 56PCh. 2 - Prob. 57PCh. 2 - Prob. 58PCh. 2 - Prob. 59PCh. 2 - Prob. 60PCh. 2 - Prob. 61PCh. 2 - Prob. 62PCh. 2 - Prob. 63PCh. 2 - Prob. 64PCh. 2 - Prob. 65PCh. 2 - Prob. 66PCh. 2 - Prob. 67PCh. 2 - Prob. 68PCh. 2 - Prob. 69PCh. 2 - Prob. 70PCh. 2 - Prob. 71CPCh. 2 - Prob. 72CP
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Similar questions
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- Please explain the financial statement with any relevant notes.arrow_forwardClassify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Note Receivable. __________ Accounts Payable.arrow_forwardUsing the worksheet to prepare financial statements Answer the following questions: Requirements What type of normal balance does the Retained Earnings account have—debit or credit? Which type of income statement account has the same type of balance as the Retained Earnings account? Which type of income statement account has the opposite type of balance as the Retained Earnings account? What do we call the difference between total debits and total credits on the income statement section of the worksheet?arrow_forward
- Create the financial statement ( Income statement and Balance sheet ) for NetSolutions using the Summary transaction.arrow_forwardConstruct an analysis of the following transaction (refer to the image) and use the table: Assets = Liabilities + Owner's Equity Account title Debit Credit Account title Debit Credit Account title Debit Creditarrow_forwardIdentify the financial statement on which each of the following accounts would appear: the income statement (IS), the owner's equity statement (OES), or the Balance Sheet (BS). Insurance Expense [ Select] [ Select ] OES Accounts Receivabl BS IS Notes Payable [ Select] >arrow_forward
- Additionally, provide an analysis of the transaction. Use a chart like the one from question to advise the affect that the transaction will have on Assets, Liabilities or Owner's equity. Please also include the account that is affected for the category (Cash, Unearned Revenue etc)arrow_forwardRequired: For the following list of accounts select the type of account (Asset,Contra Asset, Liability, Equity, Revenue, or Expense), normal balance (debit or credit), and the financial statement the account would appear on (Income Statement, Retained Earnings Statement or Balance Sheet). Classify Accountsarrow_forwardWhen recording the chart of accounts, the field you use to classify financial statement accounts is called : Select one A. Account description B. Account type C. Active designation D. Account IDarrow_forward
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