Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2. Consider the following accounts: 2(Click the icon to view the accounts.) Requirements 1. Identify each account as an asset (A), liability (L), or equity
2. Consider the following accounts: 2(Click the icon to view the accounts.) Requirements 1. Identify each account as an asset (A), liability (L), or equity (E). 2. Identify whether the account is increased with a debit (DR) or credit (CR). 3. Identify whether the normal balance is a debit (DR) or credit (CR). Requirement 1. Asset (A), Liability (L), or Equity (E)? Requirement 3. Normal balance is a debit (DR) or credit (CR)? (21) (22) (1) (2) (3) C. (23) Interest Revenue Accounts Payable Common Stock Office Supplies Advertising Expense Unearned Revenue Prepaid Rent Utilities Expense Dividends Service Revenue Requirement 2. Increases with a debit (DR) or credit (CR)? (11) (12) L (13) (14) (15) (16) (17) (18) (19) N (20) (25) (26) (27) h. (28) (29) j. (10) (30) 2: More Info d. do o o o os Interest Revenue Accounts Payable Common Stock Office Supplies Advertising Expense Unearned Revenue Prepaid Rent Utilities Expense Dividends Service Revenue j. g. h. i. J. Prepaid Rent Utilities Experise Dividends Service Revenue (2) (3) (4) OA (5) (6) O (7) O (1) O OA OL (8) O OA (9) O (10) O OL 0000 (11) O (12) O (13) O ODRODRO DR O CR O CR (14) O DR O CR (15) O DR OCR w OE OE OE (16) O (17O (18) 119) (20) O (21) O (22) O (23) O (24) (25) (26) (271) (28) ODRO DRODRO DRODRODRO DA ODRODRODRODRODRO DR OCR OCR OCR OCR OCR OCR OCR OCR OCR OCR OCR O CR OCR (30) (29) O O DR OCR O DR O CR 3. For each transaction, identify a possible source document. a. b. c. The business received $20,000 cash and issued common stock to stockholders. Purchased office supplies on account, $500. Recorded $1,000 revenue for services rendered to customers. (1) a. The business received $20,000 cash and issued common stock to stockholders. b. Purchased office supplies on account, $500. c. Recorded $1,000 revenue for services rendered to customers. (1) O Bank deposit slip O Purchase invoice Sales invoice (2) O Bank deposit slip O Purchase invoice O Sales invoice (3) O Bank deposit slip O Purchase invoice O Sales invoice
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started