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 Payable

Question

Question 1: Please tell me what type of account, if it's a Real or Nominal, and if it's a DR or CR
1) Accounts Payable
2) Service fees avenue
3) Tax expense
4) Cash
5) Interest Receivable
6) Accounts Receivable
7) Smith, Drawings
8) Retained Earnings
9) Depreciation Expense
10) Interest Income

Question 2: Are the following accounts Assets, Liabilities, or Equity?
1) Accounts Receivable
2) Smith, Capital
3) Wages Payable
4) Cash
5) Inventory
6) Taxes Payable
7) Additional Paid-in-Capital
8) Retained Earnings
9)Buildings
10)Land
Question 3: For each please provide type of account as either Asset, Liability, Equity. Also if they are Real or Nominal
1) Inventory
2) Bonds Payable
3) Common Stock
4) Prepaid Insurance
5) Sales
6) Cost of Goods Sold
7) Supplies Expense
8) Supplies on hand
9) Wages payable
10) Mortgage Payable

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: What is imputed interest?

A: Interest: Interest is a charge against the amount due, Interest is paid on the amount borrowed as a ...

Q: Which of the following is not a “tax status” for an asset? Capital loss asset. Capital asset. Secti...

A: Capital Assets:All property that taxpayers own is capital asset, unless it falls into one of the fol...

Q: 3. A recent issued demographic report indicates that there is a reasonable probability that ABC comp...

A: Under FASB ASC Section 450-20-25-2 contingency liability needs to be recorded as an expense if it is...

Q: The board of directors of Mesa Verde Tool Company set the profit goal for calendar year 2016 at $2,2...

A: In absorption costing, the cost of goods sold includes the fixed manufacturing costs. The fixed cost...

Q: Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan f...

A: Once the production units are computed, the raw material purchases in pounds are determined. The pur...

Q: Required information Problem 14-44 (LO 14-2) The following information applies to the questions disp...

A: Calculating the value of total taxable income and federal income tax. We have,

Q: The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thi...

A: Click to see the answer

Q: Identifying ethical risks,   A worker feels that fellow employees are not honest.    Opportunity, pr...

A: Fraud triangle:Fraud triangle is a model that describes the factors that cause people to commit occu...

Q: MARKETING: ​Kroger, the​ country's leading​ grocery-only chain, added a line of private label organi...

A: The provided information has been summarised as below

Q: are the answers correct?

A: Standard input/output means the budgeted or planned input or output.Variances are computed as differ...

Q: On March 1, FBM Corporation had office supplies on hand of $1,000. During the month, FBM purchased a...

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...

Q: On January 2, 2019, Twilight Hospital purchased a $96,400 special radiology scanner from Crane Inc. ...

A: Incremental analysis is a technique of decision making that is used to determine the true cost diffe...

Q: At zero direct labor hours in a flexible budget graph, the total budgeted cost line intersects the v...

A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the produc...

Q: I need this( https://www.chegg.com/homework-help/top-quality-appliance-long-beach-purchased-franchis...

A: The required journal entries are as follows :(Explanations have been avoided as per the requirement ...

Q: At December 31, 2018, Burr AG owes €500,000 on a note payable due February 2019. (a) If Burr intends...

A: Current liability: Current liability is an obligation that the companies need to pay from the remain...

Q: I need help with the two I got wrong which are highlighted in red.

A: Vertical analysis is generally done to express the relative sizes of the different accounts reported...

Q: Which of the following is not a condition that must be satisfied before interest capitalization can ...

A: Capitalized Interest: Interest is usually paid on the amount borrowed and it is shown as an expense ...

Q: Shamrock, Inc.’s income statement contained the condensed information below. Shamrock, Inc.Incom...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Many businesses borrow money during periods of increased business activity to finance inventory and ...

A: When Cash is recieved against promissory note, an asset is received and a liability is created. when...

Q: Suppose your company reports $200 of net income and $48 of cash dividends paid, and its comparative ...

A: 1. Cash flow from operating activities include all activities that are required in the day to day op...

Q: What prevents you from deleting the record of the vendor list? This from quitbooks.

A: Quick books has  system of accounting control  where in all users do not have access to updating mas...

Q: Ayayai Corp. has 4,200 shares of 8%, $100 par value preferred stock outstanding at December 31, 2017...

A: Dividend: Dividend refers to the payment made to the investor out of the profits earned by the busin...

Q: The MRS , professional soccer team, prepares financial statements on a monthly basis. The soccer sea...

A: Adjusting Entries: Adjusting entries refers to those journal entries which are prepared at the end o...

Q: During the year ended December 31, SC engaged in the following transactions involving notes payable....

A: Journal entries is recording the of the transaction in the accounting journal in a chronological ord...

Q: The Malaysian subsidiary of the PPC distributed and assembled electric motors. It also had limited m...

A: Computation of Investment:Initial Investment = Rs. 67.5 CrAdditional Investment = Rs. 30 Cr @ 10% p....

Q: The December bank statement and cash T-account for Stewart Company follow:   BANK STATEMENT D...

A: Bank Reconciliation statement Bank Reconciliation Statement is the statement which is prepared to ov...

Q: xample #6 The company received a bill for December’s utilities on January 5. The bill was for $235. ...

A: Matching principle: As per this principle, the business entity should report an expense on its incom...

Q: how do expenses affect equity?

A: Equity represents the sum which hs been contributed by the owners or which belongs to the equity sto...

Q: Angie Silva has recently opened The Sandal Shop in Brisbane, Australia, a store that specializes in ...

A: Part 1. Break-even point represents that point of sales at which total cost incurred by a company is...

Q: Ruiz Co. provides the following sales forecast for the next four months:    April   May   June   ...

A: Production budget: Production budget is the estimation or projection of number of units the company ...

Q: Early in the year Bill Sharnes and several friends organized a corporation called Sharnes Communicat...

A: Journal entries means writing down the transaction that takes place in a business, in the journal of...

Q: Effects of stock split and stock dividend on EPSRequired:a. For the year ended December 31, 2015, Fi...

A: Stock split means new shares are issued to the current shareholder’s in proportion of their existing...

Q: The year end balance sheet of CP, In., include the following stockholders’ equity section (with cert...

A: 1.Determine the number of preferred shares have been issued.

Q: Hagen Company’s budgeted sales and direct materials purchase are as follows.   Budgeted Sales ...

A: We can anser this question by creating the following schedule of expected payments :

Q: D.J. Fletcher, a trusted employee of Bluestem Products, found himself in personal financial difficul...

A: a.The fraudulent activities by D. J. Fletcher would neither make the general ledger out of balance n...

Q: Who are covered by the anti-bribery provisions?  Who are covered by the accounting provisions?

A: The Foreign Corrupt Practices Act of 1977 (FCPA) is a United States federal law  known primarily for...

Q: Problem 12-2Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that pre...

A: The question can be answered in the following manner :

Q: The two independent cases are listed below:    Case A   Case B     Year 2   Year 1   Year 2   Y...

A: Cash flows from operating activities:  Cash flows from operating activities refer to the cash receiv...

Q: Andretti Company has a single product called a Dak. The company normally produces and sells 85,000 D...

A: Incremental cost: Incremental cost refers to the cost incurred in producing an additional unit, in o...

Q: The production budget for Manner Company shows units to be produced as follows: July, 620; August, 6...

A: Direct labor budget:Direct labor budget estimates the total number of direct labor hours and total d...

Q: The following information is available for Sandhill Co. for three recent fiscal years.     2017 ...

A: Inventory turnover: This is the ratio which analyzes the number of times inventory is sold during th...

Q: Cheyenne Corp. was organized on January 1, 2017. It is authorized to issue 21,000 shares of 7%, $53 ...

A: To get the balance of paid in capital, let us first put in the journal entries.The journal entries w...

Q: what are the differences between the following components of taxable income                   o   De...

A: Difference between the Deductions for AGI and Deductions from AGI: Deductions for AGI are also refer...

Q: Vat tax - the popularity of this type of tax, the nature of this type of tax and the effect on gover...

A: Value Added Tax (VAT):  It is a consumption tax placed on manufactured goods, at whatever time value...

Q: Bateh Company produces hot sauce. The following information is provided concerning its standard cost...

A: The labor quantity variance helps in determining the areas of production process that used more labo...

Q: Indicate whether each of the following activities would be reported on the statement of cash flows a...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:   ...

A: The bank reconciliaion statement can be made in the following manner :

Q: Outstanding checks of $12,000. Bank service charge of $15. Deposit in transit of $2,300. Interest ea...

A: (1) Outstanding checks of $ 12,000No journal entry is made to a company general ledger for outstandi...

Q: Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records ...

A: 1.Formula for Net pay as shown below:Net pay = Gross pay - (Employee income tax + FICA taxes) 

Q: Brief Exercise 13-2Blossom Company borrowed $24,000 on November 1, 2017, by signing a $24,000, 10%, ...

A: Calculating the value of interest on the note payable at due date. We have,The value of interest = A...