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INSTRUCTIONS - For each of the following twenty (20) accounts of Absorka Company, indicate which financial statement the item belongs on, the classification or sub-classification
INSTRUCTIONS - For each of the following twenty (20) accounts of Absorka Company, indicate which financial statement the item belongs on, the classification or sub-classification (for assets & liabilities) of the account and the accounts normal balance. The first row is an example.
Financial Statements: Balance Sheet (BS), Income Statement (IS), Retained Earnings Statement (RE) | |||
Account Classification (if an account is a contra account, be sure to state "contra" in front of the account classification, i.e. contra long-term liability): | |||
Current asset (CA), long-term investment(LTI), property, plant & equipment (PPE), intangible asset (IA), | |||
other long-term asset (OLTA) | |||
Current liability (CL) or long-term liability (LTL) | |||
Stockholders Equity (SE) | |||
Dividend (Div) | |||
Revenue (Rev) | |||
Expense (Exp) | |||
Use the drop-down boxes or type in using the abbreviations shown above | |||
Account | Financial Statement | Account classification indicate if contra | Normal Balance (Debit or Credit) |
Bond Discount | BS | Contra LTL | Debit |
1. Sales revenue | |||
2. Office supplies | |||
3. Dividends | |||
4. Accounts receivable | |||
5. Common stock | |||
6. Allowance for doubtful accounts | |||
7. Interest payable | |||
8. Equipment | |||
9. Supplies expense | |||
10. Accumulated Depreciation - Equipment | |||
11. Salaries payable | |||
12. Sales Discount | |||
13. Cost of goods sold | |||
14. Note payable, due in 5 years | |||
15. Patent | |||
16. Accounts payable | |||
17. Depreciation expense | |||
18. Retained earnings, beginning of period | |||
19. Unearned Revenue | |||
20. Prepaid expenses |
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