1) List eight asset accounts and describe what asset is recorded in each one. 2)
ID: 2421507 • Letter: 1
Question
1) List eight asset accounts and describe what asset is recorded in each one.
2)List 8 Liability accounts and describe what liability is recorded in each one.
3) List all steps required to properly account for transactions from the time they happen until the Balance Sheet is prepared
4) Whats types of accounts normally have debit balances, credit balances.
5) List 10 Expenses accounts normally and describe the expenses reflected in the accounts
6) List 5 Revenue accounts and describe what revenue would be recorded in the account
7) Distinguish between expenses and losses
8) Distinguish between Revenues and Gains
9) List 10 adjustIng entries And why the adjusting and why the adjusting entries are being made
10) List the Equity Acounts found in a Corporation's equity section of its balance sheet
Explanation / Answer
Answer:1)
Answer:2)
Answer:3)
1. Journal entry
2. Ledger
3. Trial balance
4. Trading and P&L A/C
5. Balance sheet
Answer:4) Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their balances will increase with a debit entry, and will decrease with a credit entry. Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances.
Answer:5)
Answer:6)
Answer:7) Expenses are the costs incurred by a business, and loss is the difference between earnings and expenses, (if expenses are more than revenues).
Answer:8) Revenue are the income earned by a business, and Gain is the difference between earnings and expenses, (if expenses are less than revenues).
Answer:10) "Owner's Equity" are used on the balance sheet when the company is a sole proprietorship. If the company is a corporation, the words Stockholders' Equity are used instead of Owner's Equity. An example of an owner's equity account is Mary Smith, Capital (where Mary Smith is the owner of the sole proprietorship). Examples of stockholders' equity accounts include:
Both owner's equity and stockholders' equity accounts will normally have credit balances.
http://www.accountingcoach.com/balance-sheet/explanation/3
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