Identify each of the following accounts as a revenue (R), expense (E), asset (A)
ID: 2427025 • Letter: I
Question
Identify each of the following accounts as a revenue (R), expense (E), asset (A), liability or equity (OE) by placing initials (R,E,A,L, or OE) in the blanks. Salary Expense Cash Equipment Owner, Capital Fees Revenue Accounts Receivable Accounts Payable Owner, Withdrawals Supplies Unearned Revenue Prepaid Insurance Office Furniture Review the transactions below and identity with an "X" those that would be posted as a credit in the ledger (The first one has been done for you); Salary Payable was increased Cash was decreased Equipment was increased Owner. Capital was increased Salaries Expense was increased Account Receivable was decreased Unearned Revenue was increased Owner. Withdrawals was increased Supplies was increased Building was increased Utilities Expense was increased Service Revenue was increasedExplanation / Answer
1.E
2.A
3.A
4.OE
5.R
6.A
7.L
8.OE
9.A
10. L
11.A
12.A
2)
1. X
2. X
4. X
6. X
7.X
12.X