Question: I need help with 2-4, letter A through letter L please Exercise 2-4 Identifying type and normal balances of accounts c. A(n) _ _describes transdu

 I need help with 2-4, letter A through letter L please

I need help with 2-4, letter A through letter L please

Exercise 2-4 Identifying type and normal balances of accounts c. A(n) _ _describes transdu describes transactions d. Increases and decreases in a specific asset, liability, equity, revenue, ul UPU an) e. A(n) has a complete record of every transaction recorded. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expenses (2) identify the normal balance of the account; and (3) enter debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. a. Land e. Accounts Receivable i. Fees Earned b. Cash f. Owner, Withdrawals j. Equipment c. Legal Expense g. License Fee Revenue k. Notes Payable d. Prepaid Insurance h. Unearned Revenue I. Owner, Capital Exercise 2-5 Analyzing effects of a compound entry A1 Groro Co, bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment. For this transaction, (a) analyze the transaction using the account ing equation, (b) record the transaction in journal entry form and not thn an uni

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!