Indicate whether each of the following accounts would be reported on the balance sheet (BS) or income statement (IS) of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets (CA), noncurrent assets (NCA), current liabilities (CL), noncurrent liabilities (NCL), or stockholders’ equity (SE). If the account is reported on the income statement, indicate whether it would be classified as revenue (R) or expense (E). Finally, for each account, indicate whether the company’s accounting records would normally show a debit (dr ) or credit (cr ) balance.
Answer to relevant QuestionsMacro Company has the following adjusted accounts and balances at (June 30): Required: Prepare an adjusted trial balance for Macro Company at June 30. At December 31, the unadjusted trial balance of H& R Tacks reports Supplies of $ 9,000 and Supplies Expense of $ 0. On December 31, supplies costing $ 7,700 are on hand. Prepare the adjusting journal entry on December 31. In ...At December 31, the unadjusted trial balance of H& R Tracks reports Software of $ 25,000 and zero balances in Accumulated Amortization and Amortization Expense. Amortization for the period is estimated to be $ 5,000. Prepare ...In what ways can independent verification occur? What are five common internal control principles?
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