As described in a recent annual report, Digital Diversions Inc., (DDI) designs,

Question

As described in a recent annual report, Digital Diversions Inc., (DDI) designs, develops, and distributes videogames for computers and advanced game systems DDI has been operating for only one full year For each at the following accounts from DDI's recent balance sheet complete the fallowing table. Indicate whether the account is classified as a current asset (NCA), current liability (CL), noncurrent liability (NCL) or stockholders's equity (SE), and whether the account usually has a debit or credit balance.

Explanation / Answer

Account balance sheet classification debit or credit 1 Land NCA debit 2 retained earnings SE credit 3 notes payable
(Due in 3 years) NCL credit 4 account receivable CA debit 5 supplies CA debit 6 contributed capital SE credit 7 equipment NCA debit 8 account payable CL credit 9 cash CA debit 10 Income tax payable CL credit

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