Answer:
For the items listed below, indicate whether the item is an asset, liability, income statement or stockholders' equity item
1) Rent expense - Expense (Income statement)
2) Equipment - Asset
3) Account payable - Liability
4) Common stock - Stockholder's equity
5) Insurance Expense - Expense (Income statement)
6) Cash - Asset
7) Account receivable - Asset
8) Retained earnings - Stockholder's equity
9) Service revenue - Income (Income Statement)
10) Notes payable - Liability
Explanation:
Items in the financial statement can be classified as Income, Expense, Asset, Liability or Equity
Answer:
Sharp Shot Camera Shop
General Ledger
Cash in Bank
Date Account Titles Debit Credit
Apr. 10 Sales $150
Apr. 20 Sales 24
Apr. 24 Sales 380
Accounts Receivable
Date Account Titles Debit Credit
Apr. 4 Sales $3,000
Sales
Date Account Titles Debit Credit
Apr. 4 Accounts Receivable $3,000
Apr. 10 Cash 150
Apr. 20 Cash 24
Apr. 24 Cash 380
Explanation:
a) Data and Calculations:
Apr 4 Credit Sales = $3,000
Apr. 10 Cash Sales = $150
Apr. 20 Cash Sales = $24
Apr. 24 Cash Sales = $380
b) The initial records are made in the journal which debits Cash and Accounts Receivable and credits Sales Account for each transaction.
First off if you ever look at someone's paycheck it has a spot on there that tells you how much is taken away. There are so many different things associated with federal income tax. Social Security, Medicare, and Medicaid are all taken out due to Federal Income Tax. Social Security is suppose to pay you back for all they have taken once you retire.
2 donor donated a nonprofit of cash in 65k in June
