Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hauon for the accounts in the appropriate columns. A. Cash B. Accounts Receivable c. Building D. Land ACCOUNTS E. Equipment I. Capital Stock F. Office

image text in transcribed

hauon for the accounts in the appropriate columns. A. Cash B. Accounts Receivable c. Building D. Land ACCOUNTS E. Equipment I. Capital Stock F. Office Supplies J. Dividends G. Notes Receivable K Notes Payable H. Accounts Payable L. Office Supplies Expense M. Prepaid Rent N. Fees Earned O. Rent Expense P. Wages Expense Debit B For Scoring 0 Credit N For Scoring 0. 1. 2. 3. 4 5 6. TRANSACTIONS 0. Provided professional services to customers on account 1-2. Provided professional services for cash 34. Paid cash dividends to stockholders 56. Purchased office supplies on account 7-8. Discovered an error in computing and paying the wages of an employee. Paid cash to the employee for the amount of the underpayment 9-10. Paid rent covering a two-year period 11-12. Purchased building and equipment, paying one fourth in cash and giving a note for the balance 13-14. Sold office supplies to employees at cost, receiving cash 15-16. Returned for credit office supplies purchased on account 17-18. Received cash from customers on account 7 B. 9. 10. 11. 13. 12 14. 16. 15 17. 18 NOTE: Each debit and credit is assigned a weight of 1% PROBLEM 4 CLASSIFICATION OF ACCOUNTS-10% INSTRUCTIONS: The customary classifications for accounts listed in the chart of accounts are listed below. Classify each account by inserting the appropriate letter in the classification column and indicate the normal balance by inserting a check mark in the debit column or the credit column. CLASSES C. Stockholders' equity A. Assets B. Liabilities D. Revenwe E. Expenses Classification Normal Balance Debit Credit For Scoring 0. 1. 2 3 4. 5. ACCOUNTS 0. Land 1. Unearned Revenue 2. Equipment 3. Notes Payable 4. Supplies Expense. 5. Dividends 6. Commissions Eamed 7. Prepaid Rent 8. Wages Expense 9. Cash 10. Unearned Revenue 6. 7 8. 9. 10 NOTE: No credit is given for a partially correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Audit In Health Care To Avoid Disallowances Literature Review

Authors: Ana P. Alves De Asevedo

1st Edition

6206120406, 978-6206120407

More Books

Students also viewed these Accounting questions