Consider the following Cash and Accounts Payable T-accounts: Required: (a) How would each of these accounts be classiï¬ed in a balance sheet? (b) What type of balance should each T-account normally have? (c) Compute the balance of each of these accounts. (d) Identify two possible, different types of transactions that would have resulted in the $8,000 posting to the Cash
Consider the following Cash and Accounts Payable T-accounts:
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Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Required:
(a) How would each of these accounts be classiï¬ed in a balance sheet?
(b) What type of balance should each T-account normally have?
(c) Compute the balance of each of these accounts.
(d) Identify two possible, different types of transactions that would have resulted in the $8,000 posting to the Cash account.
(e) Identify two possible, different types of transactions that would have resulted in the $5,000 posting to the Accounts Payable account.
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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(a) Cash would be classified as a current asset and Accounts Payable would be …View the full answer
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