"Identifying income and equity accounts P2 Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). 1. Cost of sales 2. Service revenue 3. Wages expense Owner withdrawal 5. Rent expense 8. Rental revenue 7. Insurance expense 8. Consulting revenue"

"Identifying income and equity accounts P2 Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). 1. Cost of sales 2. Service revenue 3. Wages expense Owner withdrawal 5. Rent expense 8. Rental revenue 7. Insurance expense 8. Consulting revenue"

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 7PB: Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

"Identifying income and equity accounts P2
Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W).
_1.
Cost of sales
2.
Service revenue
3.
Wages expense
Owner withdrawal
5.
Rent expense
6.
Rental revenue
7.
Insurance expense
8.
Consulting revenue"

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