Mark with an “X” the box that indicates the normal balance and the correct presentation of the following accounts. The accounts are: (1) ASSETS (A) DR (B) CR (2) DEBTS (A) DR (B) CR (3) CAPITAL (A) DR (B) CR (4) INCOME EXPENSES (A) DR (B) CR Ex. Bonuses payable (2B) X 1 Bonus premium payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 2 Discount on document payable - short term (Discount on notes payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 3 Cost of guarantees (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 4 Gain on debt restructuring (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 5 Land that is received in exchange for the issuance of a long-term payable document (Long term notes payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 6 Guarantees payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 7 Contingent liability-litigation (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 8 Bonus for paying executives (bonus payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 9 Social security payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 10 Long Term Notes payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B)
Mark with an “X” the box that indicates the normal balance and the correct presentation of the following accounts.
The accounts are:
(1) ASSETS
(A) DR
(B) CR
(2) DEBTS
(A) DR
(B) CR
(3) CAPITAL
(A) DR
(B) CR
(4) INCOME EXPENSES
(A) DR
(B) CR
Ex. Bonuses payable
(2B) X
1 Bonus premium payable
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
2 Discount on document payable - short term (Discount on notes payable)
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
3 Cost of guarantees
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
4 Gain on debt restructuring
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
5 Land that is received in exchange for the issuance of a long-term payable document (Long term notes payable)
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
6 Guarantees payable
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
7
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
8 Bonus for paying executives (bonus payable)
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
9 Social security payable
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
10 Long Term Notes payable
(1A)
(1B)
(2A)
(2B)
(3A)
(3B)
(4A)
(4B)
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