The Account Titles to Be Responded to Are Provided in No

question 119

Short Answer

The account titles to be responded to are provided in no particular order. Assume that all accounts have normal balances according to whether the account is increased by a debit or increased by a credit.

Required:

In column A, indicate whether a debit will:

1. Increase the account balance, or
2. Decrease the account balance.

In column B, classify each account according to the following scheme. For contra accounts, indicate the classification of the account to which it relates.

1. A current asset in the balance sheet.
2. A noncurrent asset in the balance sheet.
3. A current liability in the balance sheet.
4. A long-term liability in the balance sheet.
5. A permanent equity account in the balance sheet.
6. A revenue account in the income statement.
7. An expense account shown in the income statement.
8. Account does not appear in either the balance sheet or the income statement.


-Property taxes payable

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Definitions:

Sexually Reproducing Organisms

Organisms that reproduce by combining genetic material from two different sexes or mating types.

Haploid Gametes

Haploid gametes are reproductive cells, such as sperm and eggs, that contain only one set of chromosomes, half the number present in other cells.

Chromosome Number

The total count of chromosomes present in the cell of an organism, specific to each species.

Sister Chromatids

Identical copies of a chromosome connected together by a centromere, produced during DNA replication.