Some people like to play a game that constructs a sequence of chemical elements where each element in the sequence begins with the last letter of its predecessor. For example,….
Tell whether each of the following accounts is an asset, a liability, a revenue, an expense, or none of these
Classification of Accounts
Tell whether each of the following accounts is an asset, a liability, a revenue, an expense, or none of these:
a. Accounts Payable
d. Fees Earned
e. Supplies Expense
f. Accounts Receivable
g. Unearned Revenue
Tell whether the normal balance of each account in SE 3 is a debit or a credit.
For each transaction that follows, indicate which account is debited and which account is credited.
May 2 Leon Stoker started a computer programming business, Stoker’s
Programming Service, Inc., by investing $10,000 in exchange for common stock.
5 Purchased a computer for $5,000 in cash.
7 Purchased supplies on credit for $600.
19 Received cash for programming services performed, $1,000.
22 Received cash for programming services to be performed, $1,200.
25 Paid the rent for May, $1,300.
31 Billed a customer for programming services performed, $500.