Question: Classify each of the accounts listed below as assets A
Classify each of the accounts listed below as assets (A), liabilities (L), owner’s equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as anexample.
Answer to relevant QuestionsPlace a check mark next to any account(s) requiring adjustment. Explain why those accounts must beadjusted.Journalize the following adjusting entries that were included on the work sheet for the month ended December 31.Dec. 31 Salaries for three days are unpaid at December 31, $ 2,700. Salaries are $ 4,500 for a five-day week. 31 ...The trial balance for Mason’s Insurance Agency as of August 31, after the firm has completed its first month of operations, is shown below.Required 1. Record amounts in the Trial Balance columns of the work sheet. 2. ...What are real accounts? What are nominal accounts? Give examples of each. As of December 31, the end of the current year, the ledger of Harris Company contained the following account balances after adjustment. All accounts have normal balances. Journalize the closingentries.
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