1 Which of the Following Is an Asset Account

Most Liquid Second-Most Liquid Third-Most Liquid Least Liquid. In addition to the general rules in paragraph e2viiiA of this section the following rules apply for purposes of applying paragraph e of this section to the disposition of an asset in a general asset account instead of the disposition of the general asset account.

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. Option a is correct. Accounts Payable is not an asset. Debit supplies credit accounts payable 3.

Classify each of the following as an Asset Liability or Owners Equity account. A share in a publicly traded company 4. A 5 bill 3.

Charged customers for services provided on account. In bookkeeping a contra asset account is an asset account in which the natural balance of the account will either be a zero or a credit negative balance. TCO A A real asset is.

Accounts payable - liability. Unearned income a 1 only b 2 and 3 only c 2 and 4 only d 1 and 4 only. Cash Accounts Payable Building Equipment 2.

Sales revenue - income. Cash Accounts Payable Building Equipment Accounts Payable is NOT an asset. Your house Select the assets in order of their liquidity from most liquid to least liquid.

A contra asset account is a type of asset account where the account balance may either be a negative or zero balance. The funds in a money market account 2. Which of the following journal entries would be recorded.

Which of the following is an asset account. Sales revenue - income. For the Blue Top Taxi Company owned by Tom Cotton classify each of the following account descriptions in questions 510 by choosing the one best answer.

Which of the following accounts is a liability account. Prepaid insurance has been paid in advance and the balance sheet as of the date of expiration of an insurance premium. It is owned and controlled by the enterprise.

Following are the characteristics of assets. Option d is correct. Which of the following accounts is NOT an asset account.

Option b is correct. Received payment from customers on account. Up to 25 cash back The balance sheet contains only assets and liabilities sections.

It is followed by funds in a savings account which can be withdrawn at short notice. Which of the following accounts is NOT an asset account. Which of the following accounts is not a liability account.

TCO A Of the following assets which is not considered a financial asset. Baker would credit Revenue. Acquired 500 worth of supplies on credit.

Cash Accounts Payable Building Equipment 2. What is an Asset Account. Option a is correct.

In other words assets are items that a company uses to generate future revenues or maintain its operations. The account offsets the balance in the respective asset account that it is paired with on the balance sheet Balance Sheet The balance sheet is one of the three fundamental financial statements. Furnishing and Equipment c.

Debit supplies credit cash b. 5 Corporate bonds Common stock Options Vacation home 2. For each of the following 1 identify the account as an asset liability equity revenue or expense.

Cash A company is likely to have a separate general ledger account for each checking account petty cash fund etc. The following information was taken from the financial statements of Lea Corporation for December 31 Year 2 and Year 1. Which of the following is an asset account.

5 Money market fund. 1 Notes Payable 2 Accounts Payable 3 Wages Payable ALL 3 of them. The 10 bill is the most liquid representing cash in hand.

They are normally found as a line item on the top of the balance sheet asset. Inventory - expense equipment - expense. Accounts payable - asset.

Paid creditor on account. Purchased supplies for cash. Accounts payable - asset.

A share in a publicly traded company. Income profit increases equity while expense lose decreases equity1. Consider the relative liquidity of the following assets.

2 identify the normal balance account. Which of the following accounts is not a liability account. Inventory - liability equipment - asset.

The balances in the asset accounts will be summarized and reported on the companys balance sheet. Generally the asset account balances are debit balances and are increased with a debit entry and decreased with a. What is a Contra Asset Account.

Made an additional investment in the company. Debit cash credit accounts receivable. This type of asset account is referred to as contra because normal asset accounts might include a debit or positive balance and contra asset accounts can include a credit or negative balance.

Up to 25 cash back 1. Account Asset Liability or Owners Equity Cash Bank Loan Office Furniture Bart Simpson Capital Building Land Mortgage Accounts Payable Supplies Accounts Receivable Lucy VanPelt Capital. Option c is correct.

Sales revenue - asset. Year 2Year 1Total sales50000003500000Total assetsBeginning of year450000565000End of year600000450000. But will combine the amounts and will report the total as Cash.

Option a is correct. The following are brief descriptions of some common asset accounts. Assets in order of liquidity from most liquid to least liquid are.

Which of the following is not an asset. Notes Payable Accounts Payable Wages Payable Fees Earned 3. Accounts Payable C.

Increases in stockholders equity as a result of selling services or products to customers are known as a. Paid the monthly rent expense. Assignment 1 - Accounting Equation Exercises 1.

Read more accounts receivables and inventory. An asset is defined as a resource that is owned or controlled by a company that can be used to provide a future economic benefit. Assets accounts generally have a debit balance.

Ernie recorded an asset for 20000. Cash and paper money US Treasury bills undeposited receipts and Money Market funds are its examples. Equipment accounts payable sales revenue and inventory are classified as.

Determine the asset turnover ratio for Year 2 and Year 1. An asset account is a general ledger account used to sort and store the debit and credit amounts from a companys transactions involving the companys resources. And 3 select debit or credit to identify the kind of entry that would increase the account balance.

The funds in a savings account. Which of the following accounts is NOT an asset account. Which of the following accounts is NOT an asset account.

1 Each building including its structural components is the asset.

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