BPA 202 Review of Accounts and Financial Statements Account Type, Use: A for Asset, L. for...

Transcribed Image Text:

BPA 202 Review of Accounts and Financial Statements Account Type, Use: A for Asset, L. for Liability, Eq for Equity, R for Revenue and Ex for Expense. For contra-accounts, use a parenthesis around the letter. Balance Type of Debit Account Credit Balance Balance Retained Earnings (balance includes $15 of dividends declared during the FY) 532 Ea 532 Sales 1000 R 1000 Building 227 A 500 Cost of Goods Sold Accum. depreciation-building Equipment Wages Expense 350 Ex 350 248 (A) (248) 230 A 230 225 Ex 225 Cash 210 A 210 Rent Expense 162 Ex 162 Deposits from Customers 160 L 160 Accounts receivable 144 A 144 Income tax expense 16 Ex 16 Discount on Bonds Payable Notes Payable (10% is short-term) Bonds Payable (due in 2030) Long-term Investment in Stocks Common Stock (100 shares) Marketable securities Accum, depreciation-equipment Advances to Employees 114 100 Ea 95 A 86 (A) 35 (L) (35) 110 L 110 L 114 108 A 18 108 100 95 (86) 64 A 64 Depreciation expense 59 Ex 59 Land 50 A 50 Insurance expense 46 Ex 46 Accounts payable 41 L 41 Inventory 36 A 36 Prepaid Expenses 35 A 35 Accounts ( Receivable Taxes payable Bad debt expense Sales Returns & Allowances Loss on sale of assets Wages payable Allowance for bad debts 33 L 33 27 Ex 27 44(R) (44) 20 Ex 20 18 L 18 14(A) (14) 2029 2029 BPA 202 Review of Accounts and Financial Statements Account Type, Use: A for Asset, L. for Liability, Eq for Equity, R for Revenue and Ex for Expense. For contra-accounts, use a parenthesis around the letter. Balance Type of Debit Account Credit Balance Balance Retained Earnings (balance includes $15 of dividends declared during the FY) 532 Ea 532 Sales 1000 R 1000 Building 227 A 500 Cost of Goods Sold Accum. depreciation-building Equipment Wages Expense 350 Ex 350 248 (A) (248) 230 A 230 225 Ex 225 Cash 210 A 210 Rent Expense 162 Ex 162 Deposits from Customers 160 L 160 Accounts receivable 144 A 144 Income tax expense 16 Ex 16 Discount on Bonds Payable Notes Payable (10% is short-term) Bonds Payable (due in 2030) Long-term Investment in Stocks Common Stock (100 shares) Marketable securities Accum, depreciation-equipment Advances to Employees 114 100 Ea 95 A 86 (A) 35 (L) (35) 110 L 110 L 114 108 A 18 108 100 95 (86) 64 A 64 Depreciation expense 59 Ex 59 Land 50 A 50 Insurance expense 46 Ex 46 Accounts payable 41 L 41 Inventory 36 A 36 Prepaid Expenses 35 A 35 Accounts ( Receivable Taxes payable Bad debt expense Sales Returns & Allowances Loss on sale of assets Wages payable Allowance for bad debts 33 L 33 27 Ex 27 44(R) (44) 20 Ex 20 18 L 18 14(A) (14) 2029 2029