ACCT 2301 Chapter 2 Homework PDF

Preview

Summary

Homework assignment...

Description

ACCT 2301 Chapter 3 Homework Classify each of the following accounts as an Asset, Liability, or Equity account. Land Notes Receivable Equipment Prepaid Insurance Unearned Rent Dividends Taxes Payable Common Stock Wages Payable

Asset Asset Asset Asset Liability Equity Liability Equity Liability

Identify the normal balance (debit or credit) for each of the following accounts. Accounts Payable Land Office Supplies Cash Insurance Expense Building Common Stock Prepaid Rent Repairs Expense

Credit Debit Debit Debit Debit Debit Credit Debit Debit

Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Commission Revenue Salaries Expense Factory Fuel Expense Rent Expense Rent Payable Furniture Land Equipment Common Stock Interest Payable Delivery Expense

Debit Credit Credit Credit Credit Debit Credit Credit Credit Debit Debit Credit

Identify whether a debit or credit results in the indicated change for each of the following accounts. To increase office supplies To decrease furniture To increase janitorial expense To increase rental revenue To decrease wages payable To decrease office equipment To increase cash To decrease factory To increase common stock To increase trucks

Debit Credit Debit Credit Debit Credit Credit Credit Credit Debit

Indicate the financial statement on which each of the following items appears: income statement, statement of retained earnings, or balance sheet. Equipment Factory Furniture Haircutting Revenue Insurance Expense Interest Expense Interest Payable Interest Revenue Janitorial Expense Land Legal Expense Notes Payable

Balance Sheet Balance Sheet Balance Sheet Income Statement Income Statement Income Statement Balance Sheet Income Statement Income Statement Balance Sheet Income Statement Balance Sheet...