The following list of accounts, in alphabetical order, is for Aventura Inc. at November 30, 2012: Instructions

Question:

The following list of accounts, in alphabetical order, is for Aventura Inc. at November 30, 2012:

Instructions
(a) For each of the above accounts, identify whether it is an asset (A), liability (L), or shareholders' equity (SE) item.
(b) Prepare a statement of financial position at November 30.

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Financial Accounting Tools for Business Decision Making

ISBN: 978-1118024492

5th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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Question Posted: Jul 18, 2017 01:36 AM

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The following list of accounts, in alphabetical order, is for Aventura Inc. at November 30, 2012: Instructions

Question:

Accounts payable Accounts receivable Bank loan payable Buildings Cash Common shares Equipment Income tax payable Land Merchandise inventory Mortgage payable Other payables Retained earnings Supplies $ 26,200 19,500 30,000 100,000 20,000 20,000 30,000 12,000 50,000 18,000 97,500 4,000 48,500 700

Step by Step Answer:

a L Accounts payable A Accounts receivable L Bank loan payable A Buildings A Cash SE Common shares A Equipment L Income tax payable A Land A Merchandi...View the full answer

Financial Accounting Tools for Business Decision Making

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