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For each item described: Identify the type of account (Asset,Liability, Equity, Revenue or Gain, Expense or Loss), normalbalance (Debit, Credit), financial statement (Balance Sheet, IncomeStatement), and whether the account is closed at the end of theperiod (Yes, No) by selecting the letter that best describes thoseattributes. If an account is a contra account, the answer will showthe account type in parentheses. Answer items may beused once, more than once, or not at all.

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Sales & Services
-

Allowance to for Doubtful Accounts
-

Office Salaries Paid
-

Notes Payable
-

Cash

Sales Returns & Allowances
1.

Expense or Loss, Debit, Income Statement, Yes
2.

Revenue or Gain, Credit, Income Statement, Yes
3.

Asset, Debit, Income Statement, Yes
4.

Liability, Credit, Income Statement, Yes
5.

Revenue, Credit, Balance Sheet, No
6.

(Asset), Credit, Balance Sheet, No
7.

(Revenue or Gain), Credit, Income Statement, Yes
8.

Asset, Debit, Balance Sheet, No
9.

Asset, Debit, Balance Sheet, No

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Keith Leannon
Keith LeannonLv2
28 Sep 2019

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Question 25

The account classification for Owner's Capital is:

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1. The type of account and normal balance of AccumulatedDepreciation are
a) contra asset, debit
b) asset, credit
c) asset, debit
d) liability, credit
e) contra asset, credit

2. Net income for Susan's Treasures is $25, 000 for the currentyear. The owner withdrew $2,000 per month for personal livingexpenses. The owner's Capital account will show a net
a) decrease of $1,000
b) increase of $49,000
c) decrease of $24,000
d) increase of $1,000
e) increase of $25,000

3. Which of the following are all temporary accounts?
a) liabilities, revenue, and expenses
b) revenue, liabilities, and the owner's drawing
c) assets, liabilities, and owner's drawings
d) revenue, expenses, and the owner's drawing
e) liabilities and assets

4. The last step in the closing procedure closes
a) the income summary account
b) the capital account
c) the drawing account
d) the expense accounts
e) all liability accounts

5. The Cash account is
a) closed to the owner's Capital account
b) closed to the owner's drawing account
c) shown on the balance sheet as a liability
d) show on the income statement
e) not closed
6. Assume a company has a net income that exceeds the owner'sdrawing for the current year. The owner's Capital account
a) will have a zero balance after the closing entries arecomplete
b) will increase
c)will decrease
d) will reamain the same as the beginnning balance
e) it is impossible to tell with the information provided
7. An accountant wanting to know the balance of a particularaccount would refer to the
a) ledger
b) cart of accounts
c) book of original entry
d) source document
e) journal
8. The owner's Capital account is found on the
a) trial blance credit column and income statement debit column ofa work sheet
b) trial balance credit column, adjusted trial balance creditcolumn, and blance sheet credit column of a worksheet
c) trial balance credit column, adjusted credit column, adjustedtrial balance dredit column, and the balance sheet credit column ofa work sheet
d) trial balance debit column, adjustements debit column, adjustedtrial balance credit column, and the income statement credit columnof a work sheet.
e) blance sheet debit column and nowhere else

Account Tracking form provided:

Account Title -> copy the name of the accounts from the listbelow

Account Major Classification -> Asset (A), Liability (L),Owner’s Equity (OE), Revenue (R) or Expense (E) or Not Applicable(NA)

Contra account -> place a check mark in this column if theitem is a contra account

Account Sub Classification -> only to be used with Asset andLiability accounts; Current Asset (CA); Property, Plant &Equipment (PPE); Current Liability (CL), Long-term Liability (LTL)or Not Applicable (NA)

Normal Balance -> debit (DR), credit (CR) or Not Applicable(NA)

Financial Statement-> Income Statement (IS), Statement ofOwner’s Equity (SOE), Balance Sheet (BS) or Not Applicable (NA)

Temporary or Permanent -> T for temporary (nominal) accountsand P for permanent (real) accounts

Accounts Payable

Accounts Receivable

Accumulated Depreciation

Advertising Expense

Buildings

Cash

Depreciation Expense

Fees Earned

Income Summary

Insurance Expense

Interest Payable (due in 1 month)

Interest Receivable (due in 2 months)

Joey Bee, Capital

Joey Bee, Drawing

Land

Notes Payable (due in 3 years)

Notes Receivable (due in 2 months)

Office Equipment

Prepaid Insurance

Prepaid Rent

Rent Expense

Notes Payable (due in 2 months)

Store Equipment

Supplies

Supplies Expense

Taxes Payable (due in 4 months)

Unearned Fees

Unearned Rent

Unearned Revenue

Wages Payable

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