Question

Classifications, balances, and locations. Please provide the answers in the space provided and do not send...

Classifications, balances, and locations. Please provide the answers in the space provided and do not send as attachments.

A.            List the account classification. (asset, liability, owner’s equity, revenue, expense)

B.            List the normal balance of each account. (debit or credit)

C.            List the location of each account. (income statement, owner’s equity, or balance sheet)

                Account                                 Classification                     Balance                                        Location

1.            Accounts Receivable              ___________                    ____________                    ____________

2.            Notes Payable                        ___________                    ____________                    ____________

3.            Cash                                       ___________                    ____________                    ____________

4.            Wages Expense                    ___________                    ____________                    ____________

5.            Fees Earned                          ___________                    ____________                    ____________

6.            Prepaid Insurance                 ___________                    ____________                    ____________

7.            Adam Rivers, Capital            ___________                     ____________                    ____________

8.            Utilities Expense                   ___________                    ____________                    ____________

9.            Unearned Fees                      __________                    ____________                    ____________

10.          Rent Revenue                       __________                    ____________                    ____________

Business   Accounting   
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Answer #1

Ans:

Account Classification Balance Location
Accounts receivables Asset Debit Balancesheet
Notes payables Liability Credit Balancesheet
Cash Asset Debit Balancesheet
Wages Expenses Debit Income statement
Fees earned Revenue Credit Income statement
Prepaid insurance Asset Debit Balancesheet
Adam River's Capital Liability Credit Owner's equity
Utilities expenses Expenses Debit Income statement
Unearned fees Liability Credit Balancesheet
Rent revenue Revenue Credit Income statement

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