Question: What are the patterns you are seeing in this activity, and how will this help in preparing financial statements? Account Review For the following accounts,

What are the patterns you are seeing in this activity, and how will this help in preparing financial statements?

What are the patterns you are seeing in this activity, and how

Account Review For the following accounts, indicate the type of account, the normal balance of the account, if debits or credits increase the account, and which financial statement you will find each account. Types of accounts - A=asset, L=liability, OE=owner's equity, R=revenue, E=expense DR CR DR1 NORMAL DEBIT OR BALANCE CREDIT FINANCIAL ACCOUNT NAME TYPE (DR. OR CR.) INCREASES STATEMENT Accounts Payable CR CR Balance Sheet Accounts Receivable A DR DRT Balance Sheet Accrued Liabilities CR CRT Balance Sheet Advertising Expense DRI Income Statement Building A DR DRT Balance Sheet Contributed Capital CRI Balance Sheet Cash DRT Balance Sheet Furniture DRI Balance Sheet Interest Expense Income Statement Interest Payable CRT Balance Sheet Interest Revenue CRT Income Statement Land DRI Balance Sheet Notes Payable CRT Balance Sheet Notes Receivable DRT Balance Sheet Prepaid Insurance DRI Balance Sheet Prepaid Rent DRI Balance Sheet Rent Expense DRI Income Statement Rent Revenue CRT Income Statement Retained Earnings OE CR CRT Balance Sheet Salary Expense JE DR DRI Income Statement Salary Payable LCR CRI Balance Sheet Service Revenue CRI Income Statement Supplies DRI Balance Sheet Utilities Expense DRT Income Statement

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!