accounting_ch2homework

Accounting_ch2homewo - Chapter 2 Homework E2-3 Classifying Accounts and Their Usual Balances For each of the following accounts from DDIs recent

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Chapter 2 Homework E2-3 Classifying Accounts and Their Usual Balances For each of the following accounts from DDI’s recent balance sheet, complete the following table. Indicate whether the account is classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or owner’s equity (OE), and whether the account usually has a debit ( dr ) or credit ( cr ) balance. Account Balance Sheet Classification Debit or Credit Balance Land NCA Debit Wages Payable CL Credit Notes Payable (due in three years) NCL Credit Accounts Receivable CA Debit Supplies CA Debit “Owner’s” Capital OE Credit Machinery and Equipment NCA Debit Accounts Payable CL Credit Cash CA Debit Taxes Payable CL Credit E2-8 Analyzing the Effects of Transactions in T-Accounts Julio Estella formed Estella Consulting to provide accounting and financial consulting services to clients. The following activities occurred during the year: a. Received $60,000 cash from Julio Estella to establish the sole proprietorship. b.
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This note was uploaded on 03/26/2011 for the course ACC 160 taught by Professor Logorda during the Spring '11 term at Lehigh Carbon CC.

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Accounting_ch2homewo - Chapter 2 Homework E2-3 Classifying Accounts and Their Usual Balances For each of the following accounts from DDIs recent

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