1. From the following list of selected accounts taken from the recordsof Downing
ID: 2458106 • Letter: 1
Question
1.
From the following list of selected accounts taken from the recordsof Downing Clinic, identify those that would appear on the balancesheet.
a. CommonStock f. AccountsPayable
b. PatientRevenue g. Cash
c. Land h. Medical SuppliesExpense
d. WagesExpense i. MedicalSupplies
e. Notes Payable j. UtilitiesExpense
2.
2.
Determine the missing items.
Assets = Liabilities +Stockholders' Equity
$75,000
$52,000
(a)
(b)
$28,000
$34,000
$84,000
(c)
$55,000
3.
For the items listed below, fill in the appropriate code letterto indicate whether the item is an asset, liability, orstockholders' equity item.
Code
Asset A
Liability L
Stockholders'Equity SE
_____1. RentExpense _____6.Cash
_____2. OfficeExpensse _____7.AccountsReceivable
_____3.Accounts Payable _____8.Retainded Earning
_____4.CommonStock _____9.Service Revenue
_____5.Insurance Expense _____10.NotesPayable
2.
Determine the missing items.
Assets = Liabilities +Stockholders' Equity
$75,000
$52,000
(a)
(b)
$28,000
$34,000
$84,000
(c)
$55,000
Explanation / Answer
__SE___1. RentExpense _A____6.Cash
__A___2. Office Equipment ___A__7.Accounts Receivable
_L____3.Accounts Payable __SE___8.Retainded Earning
__SE___4.CommonStock _SE____9.Service Revenue
_SE____5.Insurance Expense __L___10.Notes Payable
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