Question 7 The normal balance of the counter account that is used to close the accounts is in: a.You have no normal balance b.Debt G.Credit Question 8 The order of the financial statements is: a.Trial balance,statement ofowner eguityandbalance sheet b.Balance sheet, incomestatementandstatementof owner equity CStatementof owner eguity,balance sheetandincome statement d.Incomestatement statementof ownereguityandbalancesheet Question 9 The permanent accounts are: a.Assets, expenses and capital b.Assets, liabilities and equity C.Assets, liabilities, capital and expenses d.Assets, liabilities, equity and income

Question 7 The normal balance of the counter account that is used to close the accounts is in: a.You have no normal balance b.Debt G.Credit Question 8 The order of the financial statements is: a.Trial balance,statement ofowner eguityandbalance sheet b.Balance sheet, incomestatementandstatementof owner equity CStatementof owner eguity,balance sheetandincome statement d.Incomestatement statementof ownereguityandbalancesheet Question 9 The permanent accounts are: a.Assets, expenses and capital b.Assets, liabilities and equity C.Assets, liabilities, capital and expenses d.Assets, liabilities, equity and income

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 23CE: Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a....

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Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.
TOPIC: Rules of Debit and Credit Instruction: Identify the normal balance of accounts. Choose the letter of the correct answer. Choices: A. Debit B. Credit Questions: 1. Machinery 2. Estimated Uncollectible Account 3. Inventories 4. Amora, Drawing 5. Vehicle 6. Office Supplies Expense 7. Allowance for Doubtful Accounts 8. Service Revenue 9. Communication Expense 10. Miscellaneous Expense 11. Bad Debts 12. Mortgage Payable 13. Notes Payable 14. Prepaid Insurance 15. Unused Supplies 16. Allowance for Bad Debts 17. VAT Payable 18. Accumulated Depreciation 19. Taxes and Licenses 20. Retained Earnings
Activity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and ExpenseThe following table includes SFP and SCI elements. Put a check mark (√) in the column where each accounts belongs to.Account Asset Liability Owner’s Equity Revenue Expenses1. Interest Receivable2. Professional Fees3. Service Income4. Mr. A, Drawing 5. Doubtful Accounts6. Depreciation Expense7. Accrued Interest Income8. Unearned Interest Income9. Prepaid Interest10. Accumulated Depreciation11. Mortgage payable12. Unused Supplies13. Supplies Inventory14. Supplies on hand15. SSS Premium Expense16. Withholding Taxes Payable17. Repairs and Maintenance 18. Petty cash Fund19. Allowance for Bad Debts20. Cash in bank21. Accounts payable22. Prepaid Insurance23. Unexpired Insurance24. Salaries payable25. Utilities Expens
PROBLEM Selected accounts from the ledger of Phillips Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Asset - A Revenue - R Liability - L Expense - E None of the above - N (b) In the second column, indicate the increase side of each account by inserting Dr. or Cr. Account Type of Account Increase Side (1) Supplies _______ ________ (2) Notes Receivable _______ ________ (3) Fees Earned _______ ________ (4) Drawings _______ ________ (5) Accounts Payable _______ ________ (6) Salaries Expense _______ ________ (7) Capital _______ ________ (8) Accounts Receivable _______ ________ (9) Equipment _______ ________ (10) Notes Payable _______ ________ Calculate the following.…
2. Debts (liabilities) refers to: a. Any account that maintains a credit balance after closing entries are made. b. Deferred credits that are recognized and measured in accordance with generally accepted accounting principles. c. Obligations to transfer in the future the participation of the owners' shares. d. Obligations arising from past transactions and which will be payable with assets or services rendered in the future.
(a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12
Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete the table below for these accounts. The information for the first account has been entered as an example. Account Type of Account Normal Balance Increase Decrease Accounts Payable Liability Credit Credit Debit Accounts Receivable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 1 SelectCreditDebitItem 2 SelectCreditDebitItem 3 SelectCreditDebitItem 4 Accumulated Depreciation SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 5 SelectCreditDebitItem 6 SelectCreditDebitItem 7 SelectCreditDebitItem 8 Cash SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 9 SelectCreditDebitItem 10 SelectCreditDebitItem 11 SelectCreditDebitItem 12 Common Stock SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 13 SelectCreditDebitItem 14 SelectCreditDebitItem 15 SelectCreditDebitItem 16 Depreciation Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 17…
TOPIC: Rules of Debit and Credit Instruction: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1. Other Revenue a. Assetsb. Liabilitiesc. Equityd. Income e. Expense 2. Prepaid Renta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 3. Allowance for Doubtful Accountsa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 4. Depreciationa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 5. Delivery Equipmenta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 6. Used Shop Suppliesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 7. Utilities Expensea. Assetsb. Liabilitiesc. Equityd. Income e. Expense 8. Salaries and Wagesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 9. Beverage Inventorya. Assetsb. Liabilitiesc. Equityd. Income e. Expense 10. Uncollectible Accounta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 11. Landa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 12. Accounts Receivablea. Assetsb. Liabilitiesc. Equityd.…
1a. Journalize the entries to record the 20Y1 transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 1b. Journalize the entries to record the 20Y2 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5…
CHOOSE A, B, C OR D 3. Decreases in an asset account are shown on a T account'sa. debit sideb. balance sidec. credit sided. none of the above Answer questions and explain why did you pick this answer
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…
Multiple choice 1. Net loss is entered onto which column (s) of a worksheet? A. Income statement credit and balance sheet debit B. Income statement credit and balance sheet credit C. Adjusted trial balance credit and income statement credit D. Income statement debit and balance sheet credit 2. Which of the following are all temporary accounts? A. Liabilities, revenues and expenses B. Revenues, expeneses and withdrawals C. Revenues, expenses and capital D. Assets, revenues and withdrawals