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:

Polygamous

A mating system in which an individual has multiple partners during the same breeding season.

Monogamous

A relationship or mating system in which an individual has only one partner during their lifetime or at any one time.

Evolutionary Psychologist

A professional who studies how evolutionary theory applies to human behavior, including the psychological traits such as memory, perception, or language as adaptations.

Biological Ancestors

The organisms from which an individual or species has descended.