Question

In: Accounting

The following accounts are from Mookie The Beagle Concierge Chart of Accounts. For each account indicate: ...

The following accounts are from Mookie The Beagle Concierge Chart of Accounts. For each account indicate:

If the account is increased by a:

Debit
Credit

Type of account as:

Asset
Liability
Equity
Revenue (Income)
Expense

Accounts:

1. Checking

2. Accounts Receivable (A/R)

3. Inventory

4. Prepaid Expenses

5. Prepaid Expenses: Insurance

6. Prepaid Expenses: Rent

7. Prepaid Expenses: Supplies

8. Undeposited Funds

9. Accounts Payable (A/P)

10. VISA Credit Card

11. Unearned Revenue -

12. Owner Distributions

13. Owner’s Investment

14. Retained Earnings

15. Sales

16. Advertising & Marketing

17. Bank Charges & Fees

18. Contractors

19. Insurance: Liability Insurance Expense

20. Interest Paid

21. Legal & Professional Services

22. Office Supplies & Software

23. Rent & Lease

24. Repairs & Maintenance

25. Utilities

Solutions

Expert Solution

1. Checking - (Increase by a debit, Type - Asset)

2. Accounts Receivable (A/R) - (Increase by a debit, Type - Asset)

3. Inventory - (Increase by a debit, Type - Asset)

4. Prepaid Expenses - (Increase by a debit, Type - Asset)

5. Prepaid Expenses: Insurance - (Increase by a debit, Type - Asset)

6. Prepaid Expenses: Rent - (Increase by a debit, Type - Asset)

7. Prepaid Expenses: Supplies - (Increase by a debit, Type - Asset)

8. Undeposited Funds - (Increase by a debit, Type - Asset)

9. Accounts Payable (A/P) - (Increase by a credit, Type - Liability)

10. VISA Credit Card - (Increase by a credit, Type - Liability)

11. Unearned Revenue - (Increase by a debit, Type - Asset)

12. Owner Distributions - (Increase by a debit, Type - Equity)

13. Owner’s Investment - (Increase by a Credit, Type - Equity)

14. Retained Earnings - (Increase by a credit, Type - Equity)

15. Sales - (Increase by a credit, Type - Revenue)

16. Advertising & Marketing - (Increase by a debit, Type - Expense)

17. Bank Charges & Fees - (Increase by a debit, Type - Expense)

18. Contractors - (Increase by a credit, Type - Liability)

19. Insurance: Liability Insurance Expense : (Increase by a credit, Type - Liability)

20. Interest Paid - (Increase by a debit, Type - Expense)

21. Legal & Professional Services - (Increase by a debit, Type - Expense)

22. Office Supplies & Software - (Increase by a debit, Type - Assets)

23. Rent & Lease - (Increase by a debit, Type - Expense)

24. Repairs & Maintenance - (Increase by a debit, Type - Expense)

25. Utilities - (Increase by a debit, Type - Expense)

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

1.) For each of the following accounts, indicate whether the account shown is a temporary or...

1.) For each of the following accounts, indicate whether the account shown is a temporary or permanent account: Account Temporary or Permanent 1. Cash [ Select ] ["Permanent", "Neither", "Temporary", "Both"] 2. Accounts Receivable [ Select ] ["Permanent", "Neither", "Both", "Temporary"]...

What is the QBO Account Type for the following accounts appearing in Mookie The Beagle™ Concierge’s...

What is the QBO Account Type for the following accounts appearing in Mookie The Beagle™ Concierge’s Chart of Accounts? 1. Prepaid Expenses Other Current Assets 2. Uncategorized Asset Other Current Assets 3. Undeposited Funds Other Current Assets 4. Retained Earnings Equity 5. Billable Expense Income Income 6. Discounts 7. Gross Receipts 8. Refunds-Allowances Income 9. Sales Income 10. Shipping, Delivery Income Income 11. Uncategorized Income Income 12. Cost of labor - COS 13. Freight & delivery - COS Cost of...

Prepare an Adjusted trial balance Date Account Number from Chart of Accounts tab Account Title from...

Prepare an Adjusted trial balance Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit 31-Mar 512 Insurance Expense 200 117 Prepaid Insurance 200 31-Mar 514 Repair Supplies expense 450 119 Repair Supplies 450 31-Mar 515 Dep Expense- Repair Equipment 120 145 Accum Dep- Repair expense 120 31-Mar 516 Income Tax Expense 65 213 Income Tax Payable 65

For each of the following transactions, indicate the accounts affected and whether the accounts affected are...

For each of the following transactions, indicate the accounts affected and whether the accounts affected are an asset, a liability, an equity, an income or an expense. Also indicate whether the accounts are being increased or decreased and whether the increase or decrease is a debit or credit. Ignore GST. 1. Owner gave their personal computer to the business. 2. Employed a secretary. 3. Purchased supplies on credit. 4. Paid a creditor using an electronic transfer. 5. Invoiced a customer...

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account...

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500. 9 Received payment less the discount. 13 Issued a credit memo for returned merchandise that was sold for $2,300 terms n/30. The cost of the merchandise returned was $1,600. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130...

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account...

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on account, $77,550 with terms 2/10, n/30. The cost of the merchandise sold was $41,350. 9 Received payment less the discount. 13 Issued a credit memo for returned merchandise that was sold for $2,700 terms n/30. The cost of the merchandise returned was $1,890. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130...

What is a chart of accounts? What is a T account? What are the normal balances for the accounts?

What is a chart of accounts?What is a T account? What are the normal balances for the accounts?What is the time period assumption, Revenue recognition principle, matching principle?(pg 151)What is the difference between Accrual and Cash basis accounting? (pg 153).

For each of the following cases, indicate in the chart below theappropriate discount rate (i)...

For each of the following cases, indicate in the chart below the appropriate discount rate (i) or Rate and the appropriate number of periods (n) or Nper to be used in present value calculations. (Round discount rates to 2 decimal places, e.g. 15.10%)(n) or Nper(i) or RateAnnualInterest RateNumber ofYearsFrequencyof PaymentNumber ofPeriodsDiscountRate1.8%2Quarterlyenter a Number of Periodsenter percentages rounded to 2 decimal places %2.4%6Semi-annuallyenter a Number of Periodsenter percentages rounded to 2 decimal places %3.5%4Annuallyenter a Number of Periodsenter percentages rounded to...

1. The following are taken from the Chart of Accounts for the Veteran Community Hospital, a...

1. The following are taken from the Chart of Accounts for the Veteran Community Hospital, a Voluntary Health & Welfare Organization (VHWO). Prepare a Statement of Activities showing where each item would be placed on the financial statement. Program Services – Counseling Net Assets, December 31, 2001 Net Assets Released From Restrictions Contributions Program Service Fees Support Expenses – Management Change in Net Assets Net Assets, December 31, 2000 Program Services – Outreach Support Expenses – Fundraising 2. Record in general...

For each of the following accounts, signify DEBIT or CREDIT to indicate the normal balance of...

For each of the following accounts, signify DEBIT or CREDIT to indicate the normal balance of the account. 1 Accounts recievable Multiple Choice Answer Options: 2 Credit card expense a. Credit 3 bad debt expense b. Debit 4 allowance for doubtful debts 5 Notes receivable (due in 180 days) 6 interest revenue 7 depreciation expense 8 building 9 equipment 10 accumulated depreciation 11 Loss of disposal of equipment 12 Gain on disposal of equipment 13 Sales revenue 14 Patent 15...

Subjects