Question
For each account listed identify the category it belongs to, the normal balance (debit or credit), and the financial statement the account appears. Account Category
For each account listed identify the category it belongs to, the normal balance (debit or credit), and the financial statement the account appears.
Account | Category | Normal Balance | Financial Statement |
0. Cash | Asset | Debit | Balance Sheet |
1. Depreciation Expense |
|
|
|
2. Accumulated Depreciation |
|
|
|
3. Wages Expense |
|
|
|
4. Office Supplies |
|
|
|
5. Office Supplies Expense |
|
|
|
6. Wages Payable |
|
|
|
7. Prepaid Rent |
|
|
|
Show which columns would contain the adjusted balances by placing an "x" in the appropriate column. Assume all accounts have normal balances.
| Income Statement Balance Sheet Debit Credit Debit Credit |
Cash (example) | ________ ________ ___x____ ________ |
Accounts Receivable | ________ ________ ________ ________ |
Office Supplies | ________ ________ ________ ________ |
Prepaid Rent | ________ ________ ________ ________ |
Word Processing Equipment | ________ ________ ________ ________ |
Accounts Payable | ________ ________ ________ ________ |
M. Bryant, Capital | ________ ________ ________ ________ |
M. Bryant, Withdrawals | ________ ________ ________ ________ |
Word Processing Fees Earned | ________ ________ ________ ________ |
Office Salaries Expense | ________ ________ ________ ________ |
Advertising Expense | ________ ________ ________ ________ |
Accumulated Depreciation | ________ ________ ________ ________ |
Rent Expense | ________ ________ ________ ________ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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