Below and on page 194 are the titles of a number of debit and credit accounts as they might appear on the balance sheet of Ethan Allen Corporation as of October 31, 2008 Instructions Select the current asset and current liability items from among these debits and credits If there appear to be certa...

ANSWER Debits Cash in Bank Petty Cash Fund Accounts Receivable US Government Contracts Regular Insta ...

Below and on page 194 are the titles of a number of debit and credit accounts as

Question:

Below and on page 194 are the titles of a number of debit and credit accounts as they might appear on the balance sheet of Ethan Allen Corporation as of October 31, 2008.

Debits Credits Capital Stock-Preferred 11% First Mortgage Bonds, due in 2015 Preferred Cash Dividend, payable Nov. 1, 2008 Interest Accrued on U.S. Government Securities Notes Receivable Petty Cash Fund U.S. Government Securities Allowance for Doubtful Accounts Receivable Federal Income Taxes Payable

Instructions

Select the current asset and current liability items from among these debits and credits. If there appear to be certain borderline cases that you are unable to classify without further information, mention them and explain your difficulty, or give your reasons for making questionable classifications, if any.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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