Question
need some help finding the related accounts for the following accounts: (Also, if you could let me know if what I already have is wrong.
need some help finding the related accounts for the following accounts: (Also, if you could let me know if what I already have is wrong. Thank you so much!)
1. Accounts Receivable (related accounts are sales, allowance for doubtful accounts, bad debt expense, cash, cost of goods sold)
2. Other Receivables are interest, salary, employee advances, tax refunds, loans, advances on wages (related accounts are wages expense, interest income, warehouse salaries, taxes payable, taxes expense)
3. Inventory (related accounts are cost of goods sold, accounts payable, cash, sales)
4. Prepaid Rent (related accounts are rent expense, cash, accounts payable, insurance)
5. Machinery, Equipment, Office Furniture (related accounts are depreciation, accounts payable, cash)
6. Line of Credit (related accounts are cash, interest expense, interest payable)
7. Advertising Expense (related accounts are accounts payable, cash)
8. Research and Development (related accounts are wages, line of credit, inventory, advertising expense)
9. Bad Debt Expense (related accounts are sales, allowance for doubtful accounts, bad debt expense)
10. Income Tax Expense - Federal (related accounts are taxes payable, other receivables)
Attached is the list of accounts we were given to work with:
Cash on Hand | Accum. Depreciation | Notes Payable-Noncurrent | Property Tax Expense |
Regular Checking Account | Investments | Common Stock | Legal and Professional Expense |
Payroll Checking Account | Other Noncurrent Assets | Paid-in Capital | Bad Debt Expense |
Savings Account | Accounts Payable | Retained Earnings | Insurance Expense |
Accounts Receivable | Sales Tax Payable | Sales | Maintenance Expense |
Other Receivables | Wages Payable | Sales Returns | Utilities |
Allowance for Doubtful Accounts | FICA Employee Withholding | Warranty Expense | Phone |
Inventory - Spotlight | Medicare Withholding | Income from Investments | Postal |
Reserve for Inventory Obsolescence | Federal Payroll Taxes Payable | Interest Income | Miscellaneous Office Expense |
Prepaid Insurance | FUTA Tax Payable | Miscellaneous Income | Payroll Tax Exp |
Prepaid Rent | State Payroll Taxes Payable | Cost of Goods Sold | Pension/Profit-Sharing Plan Ex |
Office Supplies | SUTA Tax Payable | Freight | Rent or Lease Expense |
Notes Receivable - Current | FICA Employer Withholding | Advertising Expense | Administrative Wages Expense |
Other Current Assets | Medicare Employer Withholding | Auto Expenses | Interest Expense |
Land | Line of Credit | Research and Development | Income Tax Expense - Federal |
Buildings and Land Improvements | Current Portion Long-Term Debt | Depreciation Expense | Income Tax Expense - State |
Machinery, Equipment, Office Furniture | Other Current Liabilities | Warehouse Salaries | Loss on Legal Settlement |
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