College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 5SEB
FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongs—income statement (IS), statement of owner’s equity (SOE), or
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Required: For the following list of accounts select the type of account (Asset,Contra Asset, Liability, Equity, Revenue, or Expense), normal balance (debit or credit), and the financial statement the account would appear on (Income Statement, Retained Earnings Statement or Balance Sheet).
Classify Accounts
Identify the asset from the following list of accounts:a. Notes Payableb. Common Stockc. Retained Earningsd. Inventory
Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Accounts Payable
Chapter 2 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 2 - Prob. 1TFCh. 2 - Accounts Payable is an example of an asset...Ch. 2 - According to the business entity concept,...Ch. 2 - The accounting equation (Assets = Liabilities +...Ch. 2 - When an asset increases, a liability must also...Ch. 2 - Expenses represent outflows of assets or increases...Ch. 2 - When total revenues exceed total expenses, the...Ch. 2 - An increase to which of these accounts will...Ch. 2 - When delivery revenue is earned in cash, which...Ch. 2 - When delivery revenue is earned on account, which...
Ch. 2 - When payment is made on an existing debt, which...Ch. 2 - Which of the following accounts does not appear on...Ch. 2 - Checkpoint Exercises Label each of the following...Ch. 2 - What is missing from the accounting equation...Ch. 2 - What are the effects of the following transactions...Ch. 2 - Classify the following accounts as assets (A),...Ch. 2 - Name and define the six major elements of the...Ch. 2 - Name and define the six major elements of the...Ch. 2 - List the three basic questions that must be...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - What are the three basic phases of the accounting...Ch. 2 - SERIES A EXERCISES ACCOUNTING ELE MENT S Label...Ch. 2 - Prob. 2SEACh. 2 - Assets following (d): 32,200 EFFECTS OF...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - SERIES A PROBLEMS THE ACCOUNTING EQUATION Dr. John...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - ACCOUNTING ELEMENTS Label each of the following...Ch. 2 - THE ACCOUNTING EQUATION Using the accounting...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET LOSS...Ch. 2 - SERIES B PROBLEMS THE ACCOUNTING EQUATION Dr....Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - STATEMENT OF OWNERS EQUITY Based on Problem 2-9B,...Ch. 2 - BALANCE SHEET Based on Problem 2-9B, prepare a...Ch. 2 - Prob. 1MYWCh. 2 - Prob. 1MPCh. 2 - CHALLENGE PROBLEM In this chapter, you learned...
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- Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.arrow_forwardWhat is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?arrow_forwardWhen recording the chart of accounts, the field you use to classify financial statement accounts is called : Select one A. Account description B. Account type C. Active designation D. Account IDarrow_forward
- Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Note Receivablearrow_forwardClassify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. Accounts Payablearrow_forwardFor each ofthe following accounts, identify whether that item is an asset, liability, or equity account.a. Bonds payableb. Equipmentc. Accounts payabled. Salaries payablee. Common stockf. Retained earningsg. Cashh. Accounts receivablei. Sales revenuej. Inventoryarrow_forward
- The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balancearrow_forward(See chart below for the account titles) Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________ Noncurrent Assets:_______ Current Liabilities: ________ Noncurrent Liabilities: _______ Sales: ________ Expenses: ________ Net Income (Loss): ________arrow_forwardClassify each of the following items as assets (A), liabilities (L), or equity (EQ). Accounts payablearrow_forward
- Which of the following correctly describes how accounts payable will appear on the financial statements? Multiple Choice O O Liability on the balance sheet Asset on the balance sheet Expense on the income statement Revenue on the income statementarrow_forwardUnder which of the following categories would Accounts Receivable appear? A. long−term assets B. current assets C. long−term liabilities D. current liabilitiesarrow_forwardWhat are the the main classifications/types of accounts? Income statement accounts Balance sheet accounts Revenues and expenses Assets, liabilities, equity, revenues, expensesarrow_forward
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