For each of the following accounts you are to enter one capital letter in each c

Question

For each of the following accounts you are to enter one capital letter in each cell to indicate normal characteristics for each account.

You can enter your information in a grid format using the numbers preceeding each account name and the abbreviations provided for the account information, as shown in the example below:

Ex. A D B

USE THE LETTER CODE GIVEN

TYPE OF ACCOUNT

NORMAL BALANCE

FINANCIAL STATEMENT

A = Assets

SE = Stockholders' Equity

D = Debit

B = Balance Sheet

XA = Contra Asset

R = Revenue

C = Credit

I = Income Statement

L = Liabilities

E = Expenses

SE - Statement of Stockholders' Equity

Account Titles

Type of Account

Typical Balance

Financial Statement(s) (on which reported)

Ex. Cash

A

D

B

1. Retained earnings

2. Accumulated depreciation

3. Long-term debt

4. Income tax expense

5. Accounts receivable

6. Prepaid advertising

7. Deferred revenue

8. Consulting Revenue

9. Short-term investments

10. Additional paid-in-capital

USE THE LETTER CODE GIVEN

TYPE OF ACCOUNT

NORMAL BALANCE

FINANCIAL STATEMENT

A = Assets

SE = Stockholders' Equity

D = Debit

B = Balance Sheet

XA = Contra Asset

R = Revenue

C = Credit

I = Income Statement

L = Liabilities

E = Expenses

SE - Statement of Stockholders' Equity

Explanation / Answer

2) liability      credit     balancesheet

3) liability       credit     balancesheet

4) liability       credit     balancesheet

5) Asset            Debit     balancesheet

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