Wseulty account. B) liability, if the supplies have not yet been paid for. C) ex

Question

Wseulty account. B) liability, if the supplies have not yet been paid for. C) expense D) asset. 2. The Unearned Art Fees account is classified as a(n) A) asset. B). revenue. C) liability. D) expense. 3. The chart of accounts is a table of contents for a A) trial balance. B) financial statement. C) journal. D) ledger 4. The purpose of the ledger is to A) keep a record of documentation to support each transaction. B) maintain a separate account for each asset, liability, etc. C) record chronologically the day's transactions. D) make sure that all assets, liabilities, etc.,. have normal balances at all times. 5. Which of the following accounts is not a liability account? A) Unearned Revenue B) Owner's Withdrawals C). Notes Payable D) Accounts Payable 6. Which of the following accounts will not affect owner's equity? A) Land B) Owner's Withdrawals C) Advertising Expense D) Fees Earned

Explanation / Answer

2 The unearned art fees is classified as a Liability 3 The chart of accounts is a table of contents for a ledger 4 The purpose of ledger is to maintain a separate account for each asset, liability, etc. 5 Owner's withdrawals is not a Liability account 6 Land will not affect owner's equity

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.