Walter Isaacson, Medical Practice, has the following accounts: Salaries Payable..................................Equipment Salaries Expense.............................Notes Payable W. Isaacson, Drawings........................Fees Earned
Question:
Walter Isaacson, Medical Practice, has the following accounts:
Salaries Payable..................................Equipment
Salaries Expense.............................Notes Payable
W. Isaacson, Drawings........................Fees Earned
W. Isaacson, Capital......................Interest Expense
Unearned Revenue.....................Insurance Expense
Rent Revenue...........................................Land
Rent Expense.......................................Building
Prepaid Rent.............................................Cash
Supplies Expense.....................Accounts Receivable
Supplies....................................Accounts Payable
Instructions
For each of these accounts, identify
(a) The type of account (e.g., asset, liability, owner's capital, drawings, revenue, expense);
(b) What financial statement it is presented on;
(c) The normal balance of the account;
(d) Whether the account is increased by a debit or credit; and
(e) Whether the account is decreased by a debit or credit. Use the following format, in which the first one has been done for you as an example.
TAKING IT FURTHER Explain the relationship between the normal balance in each type of account and the basic accounting equation.
Step by Step Answer:
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow