ACG 4970 Lecture Notes - Lecture 1: Intangible Asset, Deferral, Deferred Income

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lemonweasel749

4 Oct 2016

School

University of Florida

Department

Accounting

Course

ACG 4970

Professor

Madsen Paul

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Document Summary

Assets = liabilities + owner"s equity: t account: Right side credit: rules of debit and credit: Each entry will always affect both a balance sheet and an income statement account. decreases increases: closing entries: Credit for: transfer revenue account balances to income. Summary: transfer expense account balances to income decreases in owner"s equity increases in owner"s equity. Credit for for for for increases decreases decreases increases. A summary of the revenue and the expense of a business entity for a specific period of time, such as a month or a year. A summary of the changes in the earnings retained in a business entity for a specific period of time, such as a month or a year. A list of the assets, liabilities, and owner"s equity of a business entity as of a specific date, usually at the close of the last day of a month or a year: transfer income summary balance to retained.

Related Questions

From the information shown below identify the following: thecategory type of the listed item (Asset, Liability, Equity,Revenue, or Expense); what statement(s) the item can be found on(Balance sheet, Income statement, Retained earnings) and what isthe normal balance for the item (Debit or Credit).

List of items: Accounts payable, accounts receivable,accumulated depreciation, bonds payable, buildings, cash, commonstock, cost of goods sold, depreciation expense, dividends,interest expense, interest income, inventory, preferred stock, rentexpense, retained earnings.

orangeleopard839

1. What type of account is Prepaid Insurance?

a. asset

b. contra asset

c. liability

d. stockholder's equity

e. contra stockholder's equity

f. revenue

g. expense

2. What is the normal balance of prepaid insurance?

a. Debit

b. Credit

3. Which financial statement does prepaid insurance appear?

a. Income Statement

b. Statement of Retained Earnings

c. Balance Sheet

pucebear809

ABC Company is preparing for an audit. To begin with, they areevaluating the balances in each account of the trial balance. Usingthe attached trial balance, enter the balances for the followingaccounts:

Cash: $7,500
Finished goods inventory: $1,000 Receivables: $500
Machinery and equipment: $3,000 Building: $5,000
Common stock: $11,500
Bank loan (to be repaid in 3 years): $4,000 Accounts payable:$500
Sale of goods produced: $3,000
Cost of goods sold: $1,500
Interest expense: $500

Enter the category (current and non-current asset/liability,equity, income statement).

TRIAL BALANCE
	Category (Current/Non-currentAsset/Liability/ Income Statement, Equity)	Debit (+)	Credit (-)
Cash	Current Asset
Finished goods	Current Asset
Receivables	Current Asset
Machinery and Equipment	Non current asset
Building	Non current asset
Common Stock	equity
Bank Loans	Non current asset
Accounts Payable	current liability
Sale of Goods Produced	income statement
Cost of Goods Sold	income statement
Depreciation	income statement
Interest Expense	income statement
		-	-

pucecat719

ACG 4970 Lecture Notes - Lecture 1: Intangible Asset, Deferral, Deferred Income

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