Recognition of normal balances The following items appeared in the accounting re

Question

Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily receipts for merchandise sold, e. Amounts due from customers, f. Land held as an investment, g. A new fax machine purchased for office use. h. Amounts to be paid in 10 days to suppliers, i. Amounts paid to a mall for rent.

Explanation / Answer

Hi, If you like my answer rate me lifesaver first...that way only I can earn points. Thanks a. The albums, tapes, and CDs held for sale to customers. Assets b. A long-term loan owed to Citizens Bank. Liability c. Promotional costs to publicize a concert. Expense d. Daily receipts for merchandise sold, Revenue e. Amounts due from customers, Asset f. Land held as an investment, Asset g. A new fax machine purchased for office use. Expense h. Amounts to be paid in 10 days to suppliers, Liability i. Amounts paid to a mall for rent. Expense

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

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