Class 1 Activities Classifying Accounts CDE1.

Classify each of the following items as an asset (A), liability (L), or part of owners equity (OE): iPad Account receivable Account Payable Cash B.James, Cpital Office equipment CDE2. Complete the following using the terms from the accounting equation or accounting categories: are rights of the creditors. are the total value of items owned by a business. are promises (often unwritten) to pay creditors. CDE3. Identify which transaction below results in a shift in assets (S) and which transaction causes an increase in assets (I): Jays Internet Cafe bought computer equipment on account. Eastern Tile Co. bought office equipment for cash. CDE4. From the following, calculate the total of assets on the balance sheet: B. Fleese, Capital $18,000 Computer Equipment @12000 Account Payable 6000 Cash 12000.

Class 1 activities solution CDE1. a. A CDE4. $24,000 ($12,000 + $12,000) CDE8. a. IS b. A b. BS c. L CDE5. c. J. Penny, Capital c. BS d. A d. Advertising Expense d. BS e. OE f. Taxi Fees Earned e. IS f. A g. J. Penny, Withdrawals f. IS g. OE h. BS CDE2. a. Liabilities and or Equities CDE6. c. Accounts Payable b. Assets d. Grooming Fees Earned CDE9 a. OE c. Accounts Payable b. BS c. BS d. IS CDE3. a. I CDE7. a. b. S b. d. CDE10. Balance Sheet Assets Liabilities Accounting Equation Accounts Payable Service Owners Equity Accounts Receivable Transaction Creditor.