Principles of Accounting I - homework week 1.docx -...

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Principles of Accounting I-E-AH Gisselle M. MoshankoHWweek1Question 1Identify the following accounts of Advanced Services Co. as asset, liability,owner’s equity, revenue, or expense, and state in each case whether thenormal balance is a debit or a credit.Rent ExpensePartial Credit(E) Expense and (F) Debitare correctQuestion 2Identify the following accounts of Advanced Services Co. as asset, liability,owner’s equity, revenue, or expense, and state in each case whether thenormal balance is a debit or a credit.Office EquipmentPartial Credit(A)Asset and (F) Debitare correctQuestion 3Identify the following accounts of Advanced Services Co. as asset, liability,owner’s equity, revenue, or expense, and state in each case whether thenormal balance is a debit or a credit.Accounts ReceivablePartial Credit(A) Asset and (F) Debitare correctQuestion 4Identify the following accounts of Advanced Services Co. as asset, liability,owner’s equity, revenue, or expense, and state in each case whether thenormal balance is a debit or a credit.Wages ExpensePartial Credit(E) Expense and (F) Debitare correctQuestion 5
Identify the following accounts of Advanced Services Co. as asset, liability,owner’s equity, revenue, or expense, and state in each case whether thenormal balance is a debit or a credit.Barbara Mallary, CapitalPartial Credit(C) Owner's Equity and (G) Creditare correctQuestion 6Identify the following accounts of Advanced Services Co. as asset, liability,owner’s equity, revenue, or expense, and state in each case whether thenormal balance is a debit or a credit.Accounts PayablePartial Credit(B) Liability and (G) Creditare correctQuestion 71.2.Indicate whether each of the following activities would be reported onthe statement of cash flows as an operating activity, an investingactivity, or a financing activity:Partial Credit2 of 4pairs matched correctlyPromptsAnswersCash received from fees earned.IncorrectSubmitted answer:Financing activityCorrect answer:Operating activityCash paid for expenses.Correct
Correct answer:Operating activityCash paid for land.

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Term
Fall
Professor
Staff
Tags
Balance Sheet, Generally Accepted Accounting Principles, Advanced Services Co

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