Ace Accounting's financial records include the following accounts: Advertising Expense Accounts Payable Andy...
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Ace Accounting's financial records include the following accounts: • Advertising Expense • Accounts Payable • Andy Ace, Withdrawals • Cash • Software • Rent Expense • Bank Loan • Accounting Service Revenue •Accounts Receivable • Andy Ace, Capital • Office Furniture • Salary Expense Required: A. Determine if the above accounts are assets (A), liabilities (L), owner's equity (OE), revenue (R), or expense (E) accounts. B. Determine individually if the above accounts would appear on a balance sheet (B), income statement (I), statement of owner's equity (SOE), or cash flow statement (CF). Ace Accounting's financial records include the following accounts: • Advertising Expense • Accounts Payable • Andy Ace, Withdrawals • Cash • Software • Rent Expense • Bank Loan • Accounting Service Revenue •Accounts Receivable • Andy Ace, Capital • Office Furniture • Salary Expense Required: A. Determine if the above accounts are assets (A), liabilities (L), owner's equity (OE), revenue (R), or expense (E) accounts. B. Determine individually if the above accounts would appear on a balance sheet (B), income statement (I), statement of owner's equity (SOE), or cash flow statement (CF).
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Answer rating: 100% (QA)
Answer A Advertising Expense Expense E Accounts Payable Liabilities L Andy Ace Withdrawals Owners eq... View the full answer
Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
Posted Date:
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