Penn Foster Revenue, Expenses, and Trial Balance Quiz 2

Learning Task 1: Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Sales Current Assets Noncurrent Assets Current Liabilities Noncurrent Liabilities Expenses Net Income (Loss) Chart of Accounts SCI ACCOUNTS SFP ACCOUNTS ASSETS Account INCOME Acc. No. No. 410 Service Fees 110 Cash 420 Sales 120 Accounts Receivables Interest Income Gains Allow for Bad debts 430 125 130 Notes Receivable 440 EXPENSES 140 Inventory 150 Prepayments 510 Cost of SAles Freight-out Building Accum Depn-Bldg 160 515 165 520 Salaries Expense LIABILITIES 210 Accounts payable 530 Utilities Expense Notes Payable Interest Payable Salaries Payable Utilities Payable 220 540 Bad Debts Depreciation Advertising Expense 230 545 240 550 250 560 Taxes and Licenses Unearned Income Interest Expense Miscellaneous Expense 260 570 EQUITY Owner's Capital Owner's Drawing 580…

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.…

I want a explain how i can fill this table with details ask me In this question

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SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…

SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…

Activity 1.1.2. Classify Me For you to advance your learning and understanding of the Statement of Financial Position, you have to gradually learn each of its elements and components. Classify the following accounts whether they are assets, liability, or equity accounts. For asset and liability accounts, classify whether they are current or non-current. ACCOUNTS ELEMENT CLASSIFICATION Ex. Accounts Payable Accounts Receivable Cash Interest Payable Acain, Capital Notes Payable Notes Receivable Prepaid Rent Property and Equipment Raw Materials Salaries Payable Supplies Utilities Payable Cash in Bank Finished Goods Accrued Interest Bonds Payable Prepaid Insurance Unearned Income Land Goods in Process Acain, Personal Furniture and Fixtures Accrued Salaries Income Tax Payable Intangible Assets Delivery Truck Liability Current Interest Receivable

Give me an examples of t account for my accounting class.  I need examples with asset, liability revenue,expense and equt

these multiple choice Questions from ACCOUNTING PRINCIPLES 1 Course.I need the final.

SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Withdrew cash for personal use1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Received cash for services not yet rendered3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…

Why are transactions recorded in the journal?   Group of answer choices To ensure that total debit equal total credits To help prepare the financial statements To ensure that all transactions are posted to the ledger To have a chronological record of all transactions

Topic: Accounts, Debits and Credits 1. Analyze in detail: Introduction to the study of financial statements and their main classifications of accounts: assets, debits, equity, income and expenses, as well as a review of the accounting cicle for this task. Instructions: 2. Prepare a description, compare, and contrast of accounts, debits, and credits and how they are used to record business transactions.*ImportantPlease contribute a minimum of 300 words. It must include at least 2 academic sources, formats and must be cited in accordance with current APA regulations.

How can you create a document to substantiate a mileage deduction? Mileage > Download trips Expenses > Export mileage Reports > Mileage Log Detail Accountant Tools > Deductible mileage which option is the correct one

Best choice

Select the best answer for the question 6. An example of a contra-revenue account found on the Income Statement is the O A. Sales Returns and Allowances. OB. Purchase Returns and Allowances. OC. Transportation-in ⒸD. Uncollectible Accounts Expense. Mark for review (Will be highlighted Next Questiones

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Subject - account  Please help me.  Thankyou.

Please provide the following formulas: 1.  The Fundamental Accounting Equation 2.  The Formula for Computing Net Income 3.  The Formula for the Balance Sheet Part 3 Please give one or two examples of accounts in the following categories: Assets Liabilities Owner's Equity (provide only one example for this account) Revenue  Expenses Please make sure that your initial post contains a properly cited reference.  Please use APA style. You should cite your text as a minimum.

Activity 6: Problem Solving Directions: Make a table in your activity notebook by arranging the following asset, liability, and equity titles in the table: Cash; Accounts Receivable; Office Supplies; Office Equipment; Laundry Equipment; Accounts Payable; Dela Cruz, Capital; Dela Cruz, Withdrawals; Service Revenues; and Expenses. Use additions and subtractions or a () to show the effects of each transaction on the accounts in the accounting equation. Show the balances after each transaction. (See table on page 8 as your references) Feb. 1 Mr. Dela Cruz invested P50,000 cash in his laundry business. 1 Rented office space and paid P1,000 cash for the February rent. 2 Purchased laundry equipment for P25,000 with P10,000 as downpayment and the balances on equal installment for 5 months. Purchase office supplies by paying P1,000 cash. Completed laundry service and collected 550 cash. Purchased P1,550 office equipment on credit. 15 Completed laundry service on credit in the amount of P5,000.…

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View History Bookmarks Window Help A education.wiley.com NWP Assessment Player UI Application DAXMED WALI FURINLE BOGSIIYA HAPPY Question 27 of 42 View Policies Current Attempt in Progress The revenue recognition principle dictates that revenue should be recognized in the accounting records when the performance obligation is satisfied. at the end of the month. in the period that income taxes are paid. when cash is received. Attempts: 0 c Save for Later

these multiple choice Questions from ACCOUNTING PRINCIPLES 1 Course.I need the final.

Select any 5 financial Q1 transactions of your choice and put them into the basic accounting equations. Find the effect on Asset, Liabilities and Owner Equity and give the transactions. net result of the

Question 16 On the worksheet, Purchases is extended from the trial balance to the: Balance Sheet credit column Balance Sheet debit column O Income statement credit column O Income statement debit column

Please help with the following question    COMPLETION STATEMENTS ​1.​Notes and accounts receivable that result from sales transactions are often called______________ receivables.   ​2.​Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable.   ​3.​The net amount expected to be collected in cash from receivables is the _____________.   ​4.​When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis.   ​5.​The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method.   ​6.​Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet.   ​7.​When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible.   ​8.​The _________________ basis of…