College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 6E
Label each of the following accounts as asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E).
- a. Office Supplies
- b. Professional Fees
- c. Prepaid Insurance
- d. R. Baker, Drawing
- e. Accounts Payable
- f. Service Income
- g. R. Baker, Capital
- h. Rent Expense
- i. Accounts Receivable
- j. Wages Expense
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Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R), or expense (E).a. Office Suppliesb. Professional Feesc. Prepaid Insuranced. R. Baker, Drawinge. Accounts Payablef. Service Incomeg. R. Baker, Capitalh. Rent Expensei. Accounts Receivablej. Wages Expense
Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Note Receivable. __________ Accounts Payable.
Which of the following best describes the classification and normal balance of the accounts receivable account?
Select one:
a. Asset, Debit
b. Liability, credit
c. Revenue, credit
d. Owner's equity, debit
Chapter 1 Solutions
College Accounting (Book Only): A Career Approach
Ch. 1 - Prob. 1QYCh. 1 - Prob. 2QYCh. 1 - Which of the following accounts would increase...Ch. 1 - Which of the following statements is true? a....Ch. 1 - M. Parish purchased supplies on credit. What is...Ch. 1 - Define assets, liabilities, owners equity,...Ch. 1 - Prob. 2DQCh. 1 - How do Accounts Payable and Accounts Receivable...Ch. 1 - Describe two ways to increase owners equity and...Ch. 1 - What is the effect on the fundamental accounting...
Ch. 1 - When an owner withdraws cash or goods from the...Ch. 1 - Define chart of accounts and identify the...Ch. 1 - What account titles would you suggest for the...Ch. 1 - Prob. 1ECh. 1 - Determine the following amounts: a. The amount of...Ch. 1 - Dr. L. M. Patton is an ophthalmologist. As of...Ch. 1 - Describe a business transaction that will do the...Ch. 1 - Describe a transaction that resulted in each of...Ch. 1 - Label each of the following accounts as asset (A),...Ch. 1 - Describe a transaction that resulted in the...Ch. 1 - Describe the transactions that are recorded in the...Ch. 1 - On June 1 of this year, J. Larkin, Optometrist,...Ch. 1 - On July 1 of this year, R. Green established the...Ch. 1 - S. Davis, a graphic artist, opened a studio for...Ch. 1 - On March 1 of this year, B. Gervais established...Ch. 1 - In April, J. Rodriguez established an apartment...Ch. 1 - Prob. 1PBCh. 1 - In March, K. Haas, M.D., established the Haas...Ch. 1 - Prob. 3PBCh. 1 - In March, T. Carter established Carter Delivery...Ch. 1 - In October, A. Nguyen established an apartment...Ch. 1 - Why Does It Matter? MACS CUSTOM CATERING, Eugene,...Ch. 1 - What Would You Say? A friend of yours wants to...Ch. 1 - Prob. 3A
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- Consider 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_forwardIndicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurancearrow_forwardFINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.arrow_forward
- List 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_forwardFINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.arrow_forwardAccounts receivable is classified as an _______________ a. An Asset b. A Expense. c. A Capital d. A Liability.arrow_forward
- Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An Assetarrow_forwardWhat is an account receivable? O a. Sales O b. Asset Oc. Income O d. Creditorsarrow_forwardState which account title the following terminologies belong: A. Asset account title, B. Liability Account Title C. Income Account title D. Expense Account title E. Capital Account title 1. Sales 2. Drawing 3. Cash 4. Accounts Receivable 5. Notes Payable 6. Inventory 7. Salaries and Wages 8. Salaries Payable 9. Taxes and Licenses 10. Notes Receivablearrow_forward
- Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payablearrow_forwardClassify the accounts as either an asset (A), liability (L), or equity (EQ) account. Note Receivablearrow_forwardClassify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Accounts Receivable. __________ Equipment.arrow_forward
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