Parrish Homework 1 (What type of account) Please tell me what the following accounts are. Example: Asset, Liability, Equity, Expense, Revenue etc. Also if it is REAL or NOMINAL 1) Interest Income 2) Smith, Drawings 3) RE 1/1 Balance
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Parrish Homework 1 (What type of account)
Please tell me what the following accounts are. Example: Asset, Liability, Equity, Expense, Revenue etc. Also if it is REAL or NOMINAL
1) Interest Income
2) Smith, Drawings
3) RE 1/1 Balance
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- Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-eq for equity) for each of the following accounts. Table 3.24Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-eq for equity) for each of the following items. Table 3.19NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. Tools
- Question 1: Please tell me what type of account, if it's a Real or Nominal, and if it's a DR or CR1) Accounts Payable2) Service fees avenue3) Tax expense4) Cash5) Interest Receivable6) Accounts Receivable7) Smith, Drawings8) Retained Earnings9) Depreciation Expense10) Interest IncomeQuestion 2: Are the following accounts Assets, Liabilities, or Equity?1) Accounts Receivable2) Smith, Capital3) Wages Payable4) Cash5) Inventory6) Taxes Payable7) Additional Paid-in-Capital8) Retained Earnings9)Buildings10)LandQuestion 3: For each please provide type of account as either Asset, Liability, Equity. Also if they are Real or Nominal1) Inventory2) Bonds Payable3) Common Stock4) Prepaid Insurance5) Sales6) Cost of Goods Sold7) Supplies Expense8) Supplies on hand9) Wages payable10) Mortgage PayablePlease tell me if the following are an asset, liability or equity account and if they are real or nominal 1) Accounts payable 2) Service fees revenues 3) Tax expense 4) Cash 5) Interest receivable 6) Accounts receivable 7) Smith, drawings 8) Retained earnings 9) Depreciation expense 10) Interest income (also what is interest income? Example? is a DR or CR balance?)Problem #1: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance. Accounts Receivable2. Commissions Earned3. Notes Payable4. Patricia Mayer, Capital5. Rent Revenue6. Wages Expense In addition, explain what each of these categories means for the financial statements by explaining their impact
- 1.1 In column (1), indicate inwhich statement income statement (IS) or balance sheet (BS) the accountbelongs. 1.2 In column (2), indicatewhether the account is a current asset (CA), current liability (CL), expense(E), non-current asset (NCA), non-current liability (NCL), revenue (R) orsharehold equity (SE). The type of account must be in terms of IS and BSentries and not the basic accounting equation (BAE). (1) (2) Account name Statement Type of account Trade and other payables(Creditors) Trade receivables (Debtors) Accumulated depreciation Administrative expense Buildings Cash Ordinary share capital (atpar) Cost of goods sold Depreciation Equipment General expense Finance cost Inventories Land Long-term debt Machinery Short-term borrowings Operating expense Preference share capital Redeemable preference sharedividends Retained earnings Sales revenue Selling expense Taxation on profits Vehicle QUESTION 2 The following pre-adjusted balances have been extracted fromthe general ledger…Parrish Homework 1 (What type of account) This is the THIRD time I have had to ask this question, because the individual responding either didn't read my question thoroughly and some other reason. I need to know what type of account the following are and if they are Real or Nominal. And yes I know Real/Permanent and Nominal/Temporary are the same! 1) Interest Income (Income is considered Revenue is that correct)2) Smith, Drawings3) RE 1/1 BalanceMark 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…
- Account and Real/Nominal I need two answers for the following accounts. I need to know if they are assets, liabilities, equity, expense, or revenue. Then I need to know if they are Real or Nominal accounts. This is the second time I am asking this questions because the last individual Smith, Drawings as a Personal Account. There is NO such thing. Asset, Liability, Equity, Expense, Revenue!! 1) Service Fees Revenue2) Interest Receivable3) Smith, drawings4) Interest Income5) Sales6) Supplies ExpenseACCOUNTS-FINANCIAL STATEMENTS-REAL/NOMINAL Please tell me what Financial Statement or Statements the following accounts appear on. Also please tell me if they are Real or Nominal accounts. Please provide the full answer to the two questions I aksed in depth 1) Accumulated Depreciation 2) Interest Receivable 3) Interest Income 4) Supplies Expense 5) Depreciation Expense 6) Net IncomePlease 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.
