Question 3 (10 Marks) The accounts below appear in the chart of accounts of Hepburn Car Service.
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Question 3 (10 Marks)
The accounts below appear in the chart of accounts of Hepburn Car Service. Show whether the normal balance is a debit or a credit. Indicate whether the account would appear in the balance sheet (Statement of Financial Position) or in the income statement (Statement of Financial Performance), and under what classification, e.g., Income, Expenses, Asset, Liability and Equity.
- Capital
- Rent Payable
- Revenue received in advanced
- Hepburn personal drawings
- Commission received
Note: follow the following format:
No | Item | Normal Balance | Statement |
For example: | Car maintenance | Debit | Statement of Financial Performance (Expense) |
[Answer here]
No | Item | Normal Balance | Statement |
Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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