A. Performs the trial balance.B. Prepares the income statement.C. Prepares the statement of owner equity.D. Prepares the balance sheet.At Camino Real, Inc.the balance sheets of the accounts are as follows:AccountBalanceCash425,000(Rrenaid insurance)14,000supplies15,000gauinment27,000acceunts receivable123,000notes pavakle53,600ascaunts pavakle26,500Carmelo Ruiz, capital228,100Carmelo Ruiz, drawing20,000fee earned896,300utilities expense9,000salary expense536,000advertising expense3,500rent expense32,000

The financial statement of the business includes income statement, balance sheet and cash flow…

B. Prepares the income statement. C. Prepares the statement of owner equity. D. Prepares the balance sheet. At Camino Real, Inc.the balance sheets of the accounts are as follows: Account Balance Cash |425,000 (Rrepaid insurance) 14,000 supplies 15,000 sauinment. 27,000 asceunts recRixakle. 123,000 notes pavable 53,600 asceunts pavable |26,500 Carmelo Ruiz, capital 228,100 Carmelo Ruiz, dawing 20,000 fee eamed 896,300 utilities expense 9,000

B. Prepares the income statement. C. Prepares the statement of owner equity. D. Prepares the balance sheet. At Camino Real, Inc.the balance sheets of the accounts are as follows: Account Balance Cash |425,000 (Rrepaid insurance) 14,000 supplies 15,000 sauinment. 27,000 asceunts recRixakle. 123,000 notes pavable 53,600 asceunts pavable |26,500 Carmelo Ruiz, capital 228,100 Carmelo Ruiz, dawing 20,000 fee eamed 896,300 utilities expense 9,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 6EA: From the following list, identify which items are considered original sources: A. prepaid insurance...

See similar textbooks

Similar questions

Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payable
Indicate on which financial statement the following accounts (from the adjusted trial balance) would appear: (A) Sales Revenue; (B) Unearned Rent Revenue; (C) Prepaid Advertising; (D) Advertising Expense; (E) Dividends; (F) Cash.
For the following accounts please indicate whether the normal balance is a debit or a credit. A. Sales B. Dividends C. Office Supplies D. Retained Earnings E. Accounts Receivable F. Prepaid Rent G. Prepaid Insurance H. Wages Payable I. Building J. Wages Expense
Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue
Label each of the following accounts as asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). a. Supplies b. Professional Fees c. Prepaid Insurance d. M. Jones, Drawing e. Accounts Payable f. Service Income g. M. Jones, Capital h. Office Equipment i. Accounts Receivable j. Salary Expense
Label each of the following accounts as asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). a. Office Supplies b. Professional Fees c. Prepaid Insurance d. R. Baker, Drawing e. Accounts Payable f. Service Income g. R. Baker, Capital h. Rent Expense i. Accounts Receivable j. Wages Expense
List the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions
From the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statement
Indicate whether each of the following accounts has a normal debit or credit balance. A. prepaid landscaping expense B. common stock C. delivery vans D. maintenance expense E. retained earnings F. office supplies G. revenue earned H. accounts payable I. unearned painting revenue J. interest payable
Identify whether each of the following accounts would be listed in the companys Post-Closing Trial Balance. A. Accounts Payable B. Advertising Expense C. Dividends D. Fees Earned Revenue E. Prepaid Advertising F. Supplies G. Supplies Expense H. Unearned Fee Revenue
Indicate whether each account that follows has a normal debit or credit balance. A. Unearned Revenue B. Office Machines C. Prepaid Rent D. Cash E. Legal Fees Earned F. Salaries Payable G. Dividends H. Accounts Receivable I. Advertising Expense J. Retained Earning
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.