Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Interest Payable. __________ Unearned Revenue.

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Land

A: Asset represents resource of the business. Liability represents obligation of the business to the…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts:…

A: Interest Payable: Interest payable is the amount of interest on its debt and capital leases that a…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: xplain what are contra asset accounts, where they are on shown on the financial statements and give…

A: Contra Asset: A contra asset is, well, a contra asset. All assets, in general, have a debit balance,…

Q: Classify each of the following items as assets (A), liabilities (L), or equity (EQ). Accounts…

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: b.) Credit

A: Prepayment is an accounting term referred to the types of expenses not incurred yet but for which…

Q: The accrued balance in a revenue account represents an amount which is:

A: Solution: The accrued balance in a revenue account represents an amount which is earned but not…

Q: The accrued balance in a revenue account represents an amount which is: A. earned and collected B.…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. Cash

A: Assets, liabilities, and equity are balance sheet elements.

Q: The account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit…

A: Prepaid expenses normally have a debit balance and considered assets.

Q: Compute for the total current assets, non-current assets, current liabilities, non-current…

A: Assets, Liabilities and Equity are three important elements of the balance sheet of the business

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd.…

A: The correct option is option “a”. Unearned revenue is not classified as an asset, owners' equity,…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Rent…

A: Revenues are the amount received from the sale of goods and services.  Expenses are the cost…

Q: Accounts payable would appear on the balance sheet as a(n) a. asset b. liability c. unearned…

A: Account payable is the account that represents the accounts from where purchases of inventory have…

Q: Which of the following normally have a debit balance? Liability accounts Equity or capital accounts…

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances.Their…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Rent Expense expense

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: We have to classify given account as an asset (A), liability (L), or equity (EQ) account.

Q: Unearned revenue is:     An asset.     Income.     A liability.     An expense.

A: Unearned revenue, as the name suggests, is an advance received from the customer for which the…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Assets are anything of significant worth that is possessed by people, organizations, and governments…

Q: An account is a record of increases and in a specific asset, liability, equity, revenue or expense.

A: The question is vague as the statement is first incomplete and second, the question is not…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Service…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Prepaid rent is the advance rent paid for the future period.

Q: (See chart below for the account titles) Identify or classify the different account titles as to…

A: Current assets: It refers to the assets that are used for less than 1 year and can be easily…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Accounts…

A: Asset is a resource from which a entity expects  future economic benefits from its use. Liability is…

Q: Accrued interest income" would normally appear in the financial statement under A. Current assets…

A: Financial statements: These refer to the formal or official records of the activities of the…

Q: Of these three financial statements, Balance Sheet, Income Sheet, and Statement of Owners' Equity,…

A: Financial statements are the statements that show the financial performance and position of the…

Q: . Which of the following are all temporary accounts?. liabilities, revenues, and expenses a. b.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Classify each of the following either as Asset, Liability, Equity, Revenue, or

A: The classification of items as Assets [ a property of any kind used for…

Q: Which of the following is a Components, classification, or element of the balance sheet? Select one:…

A: Balance Sheet is not an account but a statement showing financial position of any…

Q: Give the effects of the following transactions on ASSETS, LIABILITIES, OWNER’S EQUITY, REVENUES, AND…

A: Asset = Liability + Equity + Revenue - Expenses There will always be an equal effect in both the…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Meaning of Assets Assets are the items which a company holds in the view that it provides some…

Q: Define and explain the relationship between Assets, Liabilities, Equity, Revenues and Expens

A: Corporation - An organization that has been registered as a corporation under a corporation act has…

Q: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…

A: Advance is the money which is given by one party (customer) in advance to the other party (other…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Rental…

A:

Q: Under the accrual basis of accounting, revenue is recorded O when earned and realizable O when…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: Recognition of Assets, Expense, Income, Liability, Income and withdrawal is given below,

Q: Bills for collection are shown  O a. On Assets side of the balance sheet  O b. On liabilities side…

A: Balance sheet and income statement are two important financial statements of business. Income…

Q: Compute the amounts of expense and the related liability and equity components in each

A:

Q: the unearned interest is credited in the adjusting entry, which of teh following will be affected?…

A: When Unearned Interest is credited, the following adjustment entry will be made: Account Titles…

Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…

A: Liability refers to state of being liable or taking legal possession of something.

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Prepaid…

A: Owners’ equity: It is a owner's value and amount invested by an individual in the firm. It is…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is