The Account Titles to Be Responded to Are Provided in No

question 48

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.


-Supplies expense

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Definitions:

Summarized

refers to the process of concisely presenting the main points or essence of a longer text or discussion.

Key Findings

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Appraisal Interview

An interview in which a supervisor shares information with an employee about his or her job performance; also known as a performance review.

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