Question

In: Accounting

1. What type of account is Accumulated depreciation? Your choices are asset, contra asset, liability, stockholder's...

1. What type of account is Accumulated depreciation? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of accumulated depreciation? Your choices are Debit or Credit.

3. Which financial statement does accumulated depreciation appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

What type of account is Cash? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Cash? Your choices are Debit or Credit.

3. Which financial statement does Cash appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

What type of account is Fees Earned? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Fees Earned? Your choices are Debit or Credit.

3. Which financial statement does Fees Earned appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

What type of account is Bonds Payable? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of bonds payable? Your choices are Debit or Credit.

3. Which financial statement does bonds Payable appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

1. What type of account is Cost of Goods Sold? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of cost of goods sold? Your choices are Debit or Credit.

3. Which financial statement does cost of goods sold appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

1. What type of account is Retained Earnings? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Retained Earnings? Your choices are Debit or Credit.

3. Which financial statement does Retained Earnings appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

What type of account is Depreciation Expense? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Depreciation Expense? Your choices are Debit or Credit.

3. Which financial statement does Depreciation Expense appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

1. What type of account is Insurance Expense? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Insurance Expense? Your choices are Debit or Credit.

3. Which financial statement does Insurance Expense appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

Solutions

Expert Solution

1. What type of account is Accumulated depreciation? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

Contra Asset (Since Accumulated Depreciation will have a continually increasing credit balance)

2. What is the normal balance of accumulated depreciation? Your choices are Debit or Credit.

Credit

3. Which financial statement does accumulated depreciation appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

Balance Sheet

What type of account is Cash? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

Asset

2. What is the normal balance of Cash? Your choices are Debit or Credit.

Debit

3. Which financial statement does Cash appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

Balance Sheet

What type of account is Fees Earned? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

Revenue

2. What is the normal balance of Fees Earned? Your choices are Debit or Credit.

Credit

3. Which financial statement does Fees Earned appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

Income Statement

What type of account is Bonds Payable? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

Liability

2. What is the normal balance of bonds payable? Your choices are Debit or Credit.

Credit

3. Which financial statement does bonds Payable appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

Balance Sheet

1. What type of account is Cost of Goods Sold? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

Expense

2. What is the normal balance of cost of goods sold? Your choices are Debit or Credit.

Debit

3. Which financial statement does cost of goods sold appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

Income Statement

1. What type of account is Retained Earnings? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

Shareholder's equity

2. What is the normal balance of Retained Earnings? Your choices are Debit or Credit.

Credit

3. Which financial statement does Retained Earnings appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

Balance Sheet

What type of account is Depreciation Expense? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

Expense

2. What is the normal balance of Depreciation Expense? Your choices are Debit or Credit.

Debt

3. Which financial statement does Depreciation Expense appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

Income Statement

1. What type of account is Insurance Expense? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

Expense

2. What is the normal balance of Insurance Expense? Your choices are Debit or Credit.

Debit

3. Which financial statement does Insurance Expense appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

Income Statements

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ekkarill92 answered 1 year ago

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