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grigory [225]
3 years ago
12

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (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. Cash b. Legal Expense c. Prepaid Insurance d. Land e. Accounts Receivable f. Dividends g. License Fee Revenue h. Unearned Revenue i. Fees Earned j. Equipment k. Notes Payable l. Common Stock
Business
1 answer:
romanna [79]3 years ago
7 0

Answer:

Please see explanation.

Explanation:

1. and 2.

                                  Type of accounts            Normal balance

a. Cash                                asset                            Debit

b. Legal Expense               expense                       Debit

c. Prepaid Insurance          asset                            Debit

d. Land                                asset                            Debit

e. Accounts Receivable     asset                            Debit

f. Dividends                         equity                          Debit

g. License Fee Revenue    revenue                      Credit

h. Unearned Revenue        liability                        Credit

i. Fees Earned                     revenue                      Credit

j. Equipment                        asset                           Debit

k. Notes Payable                 liability                        Credit

l. Common Stock                equity                          Credit

Journal entries to increase the balance:

                                                             Dr                          Cr

a. Cash                                            Cash                        Revenue

b. Legal Expense                     Legal expenses              Cash

c. Prepaid Insurance               Prepaid Insurance          Cash        

d. Land                                      Land                                Cash                                    

e. Accounts Receivable        Accounts receivable        Revenue

f. Dividends                           Retained earnings            cash

g. License Fee Revenue      Cash                                   License Fee Revenue

h. Unearned Revenue         Cash                                  Unearned revenue

i. Fees Earned                     Cash                                   Fees Earned

j. Equipment                        Equipment                          Cash

k. Notes Payable                Cash                                    Notes Payable

l. Common Stock                Cash                                    Common Stock

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Answer:

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Explanation:

1. Calculation to determine Total current assets

First step is to calculate the Current liabilities using this formula

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Let plug in the formula

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Now let calculate the Total current assets using this formula

Total current assets = current ratio * current liabilities

Let plug in the formula

Total current assets = 1.7* 78000

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Therefore Total current assets is $132,600

2. Calculation to determine Short-term investments

Using this formula

Short term investments = Current assets - [cash + accounts receivables + inventory]

Let plug in the formula

Short term investments = 132,600 - [6900 + 39,000 + 79,000]

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Therefore Short term investments will be $7,700

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Using this formula

Current assets + fixed assets = Current liabilities + Long term liabilities + paid in capital + retained earnings

Let plug in the

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Answer:

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Total cost = $100 + $25 = $125

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Total cost = $100 + $25 + $25 + $25 = $175

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