Question

In: Accounting

Accounting

Deduce the type of account from the account names provided.

Solutions

Expert Solution

1. Cash - Asset
 
2. Retained Earnings - Stockholder's Equity
 
3. Cost of Goods Sold - Expense
 
4. Salaries and Wages Expense - Expense
 
5. Prepaid Insurance - Asset
 
6. Inventory - Asset
 
7. Accounts Receivable - Asset
 
8. Sales Revenue - Revenue
 
9. Notes Payable - Liabilities
 
10. Accounts Payable - Liabilities
 
11. Service Revenue - Revenue
 
12. Interest Expense - Expense

The accounts have been separated according to their nature.

Soumik Mallick Choudhury answered 2 years ago
Next > < Previous

Related Solutions

Give an example of cash accounting, accrual accounting, and modified accrual accounting?
Give an example of cash accounting, accrual accounting, and modified accrual accounting?
Cost accounting is one of the most challenging areas in accounting to understand. “A cost accounting...
Cost accounting is one of the most challenging areas in accounting to understand. “A cost accounting system is a system for recording, analyzing and allocating cost to the individual services provided to patients (e.g., medications, procedures, tests, room and board) (Becker's Hospital Review, 2014). The healthcare industry has been working toward the goal of correlating cost with quality. Read Porter, M. E., & Lee, T. H. (2016). From volume to value in health care: the work begins. Jama, 316(10), 1047-1048....
Cost accounting is one of the most challenging areas in accounting to understand. “A cost accounting...
Cost accounting is one of the most challenging areas in accounting to understand. “A cost accounting system is a system for recording, analyzing and allocating cost to the individual services provided to patients (e.g., medications, procedures, tests, room and board) (Becker's Hospital Review, 2014). The healthcare industry has been working toward the goal of correlating cost with quality. Read Porter, M. E., & Lee, T. H. (2016). From volume to value in health care: the work begins. Jama, 316(10), 1047-1048....
Define accounting and describe the different uses of accounting information. What are steps of the accounting...
Define accounting and describe the different uses of accounting information. What are steps of the accounting process and cycle? What are the various components of an income statement in order to evaluate a firm's "bottom line?" What do your look for on a company's balance sheet to determine its current financial position? What is ratio analysis? How can it be used to analyze financial statements to evaluate a company's performance?
Accounting
At December 31, 2011, Mernt Co. reported the following information on its balance sheet.Accounts receivable $960,000Less: Allowance for doubtful accounts 80,000Prepare journal entries related to bad debts expense.During 2012, the company had the following transactions related to receivables.1. Sales on account $3,200,0002. Sales returns and allowances 50,0003. Collections of accounts receivable 2,810,0004. Write-offs of accounts receivable deemed uncollectible 90,0005. Recovery of bad debts previously written off as uncollectible 24,000Instructions;(a) Prepare the journal entries to record each of these fi ve...
Difference between financial accounting and management accounting
Difference between financial accounting and management accounting
Compare and contrast financial accounting and managerial accounting.
Compare and contrast financial accounting and managerial accounting.
Discuss the conceptual framework of accounting according to: definition of accounting, purpose of accounting, difference between...
Discuss the conceptual framework of accounting according to: definition of accounting, purpose of accounting, difference between bookkeeping and accounting, users of accounting information, accounting assumptions, and accounting principles. Also discuss the major type of adjusting entries in detail.
Accounting Research Proposal! Is Computerized Accounting Better Than Manual Accounting? Asap please!
Accounting Research Proposal! Is Computerized Accounting Better Than Manual Accounting? Asap please!
Accounting Case Studies 1. How is managerial accounting different from financial accounting?
Accounting Case Studies 1. How is managerial accounting different from financial accounting?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT