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I need all these solved please. EX 2-1 Chart of accounts The following accounts appeared in recent financial statements of Delta Air Lines OBJ. 1
I need all these solved please.
EX 2-1 Chart of accounts The following accounts appeared in recent financial statements of Delta Air Lines OBJ. 1 Flight Equipment Frequent Flyer (Obligations) Accounts Payable Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent (Expense) Cargo Revenue Landing Fees (Expense Parts and Supplies Inventories Passenger Commissions (Expense) Passenger Revenue Prepaid Expenses Taxes Payable Contract Carrier Arrangements (Expense) Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity For each income statement account, identify it as a revenue or an expense EX 2-2 Chart of accounts Innerscape Interiors is owned and operated by Jackie Vargo, an interior decorator. In the ledger of Innerscape Interiors, the first digit of the account number indicates its ma- jor account classification (1.-assets, 2-liabilities, 3-stockholders' equity, 4-revenues, 5xpenses). The second digit of the account number indicates the specific account within each of the preceding major account classifications. OBJ.1 Match each account number with its most likely account in the list that follows. The account numbers are 11, 12, 13, 21, 31, 32, 33, 41, 51, 52, and 53 Accounts Payable Accounts Receivable Land Miscellaneous Expense Retained Earnings Supplies Expense Wages Expense Common Stock Fees Earned EX 2-4 Rules of debit and credit The following table summarizes the rules of debit and credit. For each of the items (a) through (D, indicate whether the proper answer is a debit or a credit. OBJ. 1, 2 Increase Decrease Normal Balance Balance sheet accounts: Debit Liability Stockholders' equity: Debit Common Stock Retained Earnings Ch) Credit Credit Income statement accounts: CreditCredit EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether t is likely to have (a) debit entries only, (b) credit entries only, or (c both debit and credit entries. 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Fees Earned OBJ. 2 5. Insurance Expense 6. Dividends 7. Utilities ExpenseStep by Step Solution
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