Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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- Does every transaction affect both sides of the accounting equation? Explain your answer.arrow_forwardConsider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned Revenuearrow_forwardWhich of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stockarrow_forward
- Which of the following accounts will normally have a debit balance? A. Common Stock B. Fees Earned C. Supplies D. Accounts Payablearrow_forwardIndicate what impact the following transactions would have on the accounting equation, . Table 3.10arrow_forwardConsider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payablearrow_forward
- Describe a transaction that resulted in each of the following entries affecting the accounting equation.arrow_forwardWhich of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accountsarrow_forwardClassify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.arrow_forward
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