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Chapter 2: Q12E_1 (page 93)

Identifying accounts, increases in accounts, and normal balances

a. Interest Revenue b. Accounts Payable

c. Common Stock d. Office Supplies

e. Advertising Expense f. Unearned Revenue

g. Prepaid Rent h. Utilities Expense

i. Dividends j. Service Revenue

Requirements 1. Identify each account as asset (A), liability (L), or equity (E).

Short Answer

Expert verified

Identification of various accounts is given in step 2.

Step by step solution

01

Definition of Accounts Payable

The accounts payable refer to the amount owed to the supplier of goods in exchange for goods or services.

02

Identification of each account

Accounts

Assets (A), Liability (L), Equity (E)

A Interest revenue

Equity (E)

B Accounts Payable

Liability (L)

C Common stock

Equity (E)

D Office Supplies

Assets (A)

E Advertising Expense

Equity (E)

F Unearned Revenue

Liability (L)

G Prepaid Rent

Assets (A)

H Utility Expense

Equity (E)

I Dividends

Equity (E)

J Service Revenue

Equity (E)

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Most popular questions from this chapter

Question: Calculating the debt ratio

John Hart, M.D., reported the following trial balance as of September 30, 2018:

Account Title Office Supplies Cash Debit Credit Accounts Receivable Office Equipment Land Building Accounts Payable Utilities Payable Unearned Revenue Notes Payable Advertising Expense Utilities Expense Salaries Expense Service Revenue Dividends Common Stock Total Balance \( 256,700 \) 1,600 24,795 69,000 50,505 110,000 200 \( 30,000 \) 256,700 29,000 23,500 1,100 57,000 7,900 3,000 30,000 75,000 800 J

Calculate the debt ratio for John Hart, M.D

Question:Preparing financial statements from the trial balance and calculating the debt ratio

The trial balance as of July 31, 2018, for Sara Simon, Registered Dietician, is presented below:

Account Title Debit Credit

Office Supplies 2,300

Cash 38,000

Accounts Receivable 9,000

Prepaid Insurance 2,400

Equipment 16,000

Accounts Payable 3,000

Unearned Revenue 3,912

Notes Payable 31,000

Common Stock 18,000

Dividends 2,800

Salaries Expense 1,700

Rent Expense 1,100

Utilities Expense 500

Service Revenue 17,888

Total Balance \( 73,800 \) 73,800

Requirements 1. Prepare the income statement for the month ended July 31, 2018.

Journalizing transactions

Harper Sales Consultants completed the following transactions during the latter part of January:

Jan. 22 Performed services for customers on account, \(7,500.

30 Received cash on account from customers, \)8,000.

31 Received a utility bill, \(220, which will be paid during February.

31 Paid monthly salary to salesman, \)2,500.

31 Received \(2,310 for three months of consulting service to be performed starting in February.

31 Cash dividends of \)950 were paid to stockholders.

Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry.

In 35 words or fewer, explain the difference between a debit and a credit, and explain what the normal balance of the six account types is.

When are credits increases? When are credits decreases?
See all solutions

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