Selected Accounts from the Ledger of Thomas Company Appear Below $\quad$

question 84

Essay

Selected accounts from the ledger of Thomas Company appear below.For each account,indicate the following:
a. In the first column at right, indicate the type of each account using the following abbreviations:
Asset - A $\quad$ Revenue - R $\quad$ None of the above - N $\quad$ Liability - L $\quad$ Expense - E
b. In the second column, indicate the normal balance of the account by inserting a Dr. or Cr.
$\begin{array} { | l | c | c | } \hline \text { Account } & \begin{array} { c } \text { Type of } \\\text { Account }\end{array} & \text { Normal Balance } \\\hline \text { 1. Office Supplies } & \underline{\quad\quad} &\underline{\quad\quad} \\\hline \text { 2. Accounts Receivable } & \underline{\quad\quad} &\underline{\quad\quad} \\\hline \text { 3. Fees Earned } & \underline{\quad\quad}&\underline{\quad\quad} \\\hline \text { 4. Thomas, Withdrawals } &\underline{\quad\quad}& \underline{\quad\quad}\\\hline \text { 5. Accounts Payable } & \underline{\quad\quad}&\underline{\quad\quad} \\\hline \text { 6. Salaries Expense } & \underline{\quad\quad}&\underline{\quad\quad} \\\hline \text { 7. Thomas, Capital } & \underline{\quad\quad}&\underline{\quad\quad} \\\hline \text { 8. Accounts Receivable } & \underline{\quad\quad}&\underline{\quad\quad} \\\hline \text { 9. Equipment } &\underline{\quad\quad}&\underline{\quad\quad} \\\hline \text { 10. Telephone Expense } & \underline{\quad\quad} &\underline{\quad\quad} \\\hline\end{array}$

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Definitions:

Cash Account

An account recording the transactions involving cash inflows and outflows.

Direct Labor Costs

These refer to the expenses associated with paying workers who directly manufacture or produce the goods and services.

Work in Process Inventory

Represents goods that are partially completed in a manufacturing process but are not yet finished products.

Cash Account

An account that records the amount of cash transactions a company engages in over a period.