Fill in the following information below:
Assets Liabilities Stockholder's Equity
Each of the following accounts is either an Asset (A), Liability (L), or Shareholder's Equity (SHE)
Mark the first blank with the appropriate classification. If you identified an item as either an Asset or Liability, mark the third blank as "C" if the item is current. If you identified an item as either Asset or Liability, mark the fourth blank as "L" if the item is Long-term. The first one is an example.
At the end of last year, the company's assets totaled $920,000 and its liabilities totaled $740,000.
During the current year, the company's total assets increased by $42,000 and its total liabilities increased by $18,000. At the end of the current year, stockholder's equity was:
Posting to T-Accounts: Debit/Credit Framework
For each of the following T-Accounts, show the proper effects to the appropriate T-Accounts. What would the Normal Balance be for any Asset, Liability, or Stockholder Equity Account? Does the specific account increase on the DR or CR? Remember DR=Left and CR=Right.
1. Fill in the following information below: Assets Liabilities Stockholder's Equity
Business #1 A $181,000 L C $212,000 $36,200 SHE
Business #2 A $74,800 L SHE
Business #3 A $30,000 L $21,400 SHE
2. Each of the following accounts is either an Asset (A), Liability (L), or Shareholders Equity (SHE)
Mark the first blank with the appropriate classification. If you identified an item as either an Asset or Liability, mark the third blank as C if the item is current, If you identified an item as either Asset or Liability, mark the fourth blank as L if the item is Long-term. The first one is an example. A/L/SHE IC? t? Salaries & Wages C Payable Accounts Payable Accounts Receivable Buildings Cash Common Stock Land Income Taxes Payable Equipment Notes Payable (due in 6 mo. Retained Earnings Supplies Computer Cash Car Inventory Notes Receivable (due in three years)
3. At the end of last year, the company's assets totaled $920,000 and its liabilities totaled $740,000. During the current year, the company's total assets increased by $42,000 and its total liabilities increased by $18,000. At the end of the current year, stockholders equity was:
4. Posting to T-Accounts: Debit/Credit Framework
For each of the following T-Accounts, show the proper effects to the appropriate T-Accounts. What would the Normal Balance be for any Asset, Liability, or Stockholder Equity Account? Does the specific account increase on the DR or CR? Remember DR=Left and CR=Right.
Cash (A)
Common Stock (SHE)
Equipment (A)
Accounts Payable (L)
Notes Payable (L)
Supplies (A)
Accounts Receivable (A)
Inventory (A)
Land (A)
