Question

(Subscription Revenue) -indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on...

(Subscription Revenue) -indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on the Income Statement or Balance Sheet), and its "Normal" balance (Credit or Debit)

(Investment Income) - indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on the Income Statement or Balance Sheet), and its "Normal" balance (Credit or Debit)

(RENT) - indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on the Income Statement or Balance Sheet), and its "Normal" balance (Credit or Debit)

(NOTES PAYABLE) - indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on the Income Statement or Balance Sheet), and its "Normal" balance (Credit or Debit)

(Salaries Expense) - indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on the Income Statement or Balance Sheet), and its "Normal" balance (Credit or Debit)

(Pension Expense) - indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on the Income Statement or Balance Sheet), and its "Normal" balance (Credit or Debit)

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer

Class Financial Statement Normal balance
Subscription Revenue Revenue Income Statement Credit
Investment Income Revenue Income Statement Credit
RENT Expense Income Statement Debit
NOTES PAYABLE Liability Balance Sheet Credit
Salaries Expense Expense Income Statement Debit
Pension Expense Expense Income Statement Debit

Explanation:

The concept of Financial statements and Normal Balance is as follows:

Financial Statement Normal balance
Asset Balance Sheet Debit
Expense Income Statement Debit
Liabilities Balance Sheet Credit
Revenue Income Statement Credit
Capital Balance Sheet Credit

In case of any doubt, please comment.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense...
For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense or Loss), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra account, the answer will show the account type in parentheses.  Answer items may be used once, more than once, or not at all.   ...
For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense...
For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense or Loss), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses.  Answer items may be used once, more than once, or not at...
Please show what type of account each belongs to ( for example Current Asset, Current Liability,...
Please show what type of account each belongs to ( for example Current Asset, Current Liability, Stockholders Equity, etc.) and if each is a credit or debit. Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Cash Common Stock Depreciation Expense - Equipment Dividends Equipment Interest Expense Interest Revenue Notes Payable Prepaid Rent Retained Earnings Service Revenue Unearned Revenue Wages Expense Wages Payable
1. The financial statement that reports the revenue and expense for a period of time such...
1. The financial statement that reports the revenue and expense for a period of time such as year or month : Balance sheet Income statement Statement of cash flows 2. The financial statement that reports asset liability and equity at a specific date : Balance sheet Income statement Statement of cash flows 3. Assets are usually reported on the balance sheet at which amount? Cost Current market value Expected selling price 4. Obligation are reported on the balance sheet are...
INSTRUCTIONS - For each of the following twenty (20) accounts of Absorka Company, indicate which financial...
INSTRUCTIONS - For each of the following twenty (20) accounts of Absorka Company, indicate which financial statement the item belongs on, the classification or sub-classification (for assets & liabilities) of the account and the account’s normal balance. The first row is an example. Financial Statements: Balance Sheet (BS), Income Statement (IS), Retained Earnings Statement (RE) Account Classification (if an account is a contra account, be sure to state "contra" in front of the account classification, i.e. contra long-term liability): Current...
Classify each of the accounts from Stance Company as Asset (A), Liability (L), Stockholders Equity (SE),...
Classify each of the accounts from Stance Company as Asset (A), Liability (L), Stockholders Equity (SE), Revenue (R), Expense (E), or Dividend (D) and also indicate the typical balance in the account as Debit (D) or Credit (C)   Prepaid Rent Depreciation Investment Accrued Expense Sales Common Stock Note Payable Accumulated Depreciation Cost of Goods Sold Unearned Revenue Accounts Receivable Dividends Utilities Paid in Capital Retained Earnings
Identify each account listed as an Asset, a Contra-Asset, a Liability, an Equity, a Revenue, or...
Identify each account listed as an Asset, a Contra-Asset, a Liability, an Equity, a Revenue, or an Expense. Accounts Payable Accounts Receivable Accumulated Depreciation, Equipment Allowance for Doubtful Accounts Cash and Cash Equivalents Common Stock, no-par Cost of Goods Sold Depreciation Expense Dividends Equipment Income Tax Expense Insurance Expense Inventories Land Notes Payable Other Operating Expense Prepaid Insurance Retained Earnings Salary Expense Salary Payable Sales Revenue Unearned Revenue
A credit entry A. increases asset and expense accounts, or decreases liability, equity, and revenue accounts...
A credit entry A. increases asset and expense accounts, or decreases liability, equity, and revenue accounts B. Is recorded on the left side of a T-account C. Decreases asset and expense accounts, or increases liability, equity, and revenue account D. Decreases asset, expense and revenue accounts. E. Increases the withdrawals account
BE 1-5. Inidicate wether each of the following items is an asset (A), LIABIITY (L), or...
BE 1-5. Inidicate wether each of the following items is an asset (A), LIABIITY (L), or part of owner's equity (OE) accounts receivable salaries and wages payables equipment supplies owner's capital notes payable BE 1-8. Classify each of the following items as owner's drawings (D), revenue (R), or expense (e). Advertising expense service revenue insurane expense Salaries and wages expense owner's drawings rent revenue utilities expense B-1 -11. Indicate wether the following items would appear on the income statement (IS),...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT