Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Select the correct account type(asset, liability, equity, revenue, expense) for the below accounts:
Depreciation expense
Answer 1Choose...RevenueAssetLiabilityEquityExpense
Drawings
Answer 2Choose...RevenueAssetLiabilityEquityExpense
Prepaid Insurance
Answer 3Choose...RevenueAssetLiabilityEquityExpense
Unearned Service Revenue
Answer 4RevenueAssetLiabilityEquityExpense
(a) Calculate the asset tumover ratio, Asset tumover ratio________
1) eTextbook
2) and Media List of Accounts
CClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capital
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- Accounts Payable is an example of an asset account.arrow_forwardList the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side.arrow_forwardMatch the following items with correct accounting treatment (A through C):arrow_forward
- Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense O c. Service revenue O d. Prepaid expensesarrow_forwardFind out the missing value assets in an accounting equation if liabilities is OMR 320000 and capital is OMR 119000 Select one : O a . OMR 439000 assets O b . OMR 201000 assets O c . OMR 349000 assets O d . OMR 102000 assets Clear my choicearrow_forwardmultiple choice question a.The balance in the profit and loss account is transferred to the: profit and loss account. capital account. bank account. drawings account.arrow_forward
- An increase in an asset account is a: A. Debit entry to the asset account B. Credit entry to the asset account C. Debit entry to the liability account D. Credit entry to the liability accountarrow_forwardfast Classify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE). a. Computer Tabletb. Accounts Payablec. Accounts Receivabled. Cashe. A. Jones, Capitalarrow_forwardClassify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Prepaid Rent. __________ Owner, Capital.arrow_forward
- Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Accounts Receivable. __________ Equipment.arrow_forward(Provide supporting examples to justify your answers (Where required).1. How many types of Transcation explain each with suitable example?2. Define Capital Account and Drawing Account.3. What is meant by Ledger?4. Define Rectifying Entreies with example.5. Define Adjustment Entries with example.arrow_forwardThis account represents the amount paid in advance for future cost of items or services. a. Revenue b. Asset c. Prepaid expense d. Expensearrow_forward
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