Module 1 Optional practice exercises.docx - Optional practice exercises Module 1 Ex 1 Indicate in the space provided by each item whether it would

Module 1 Optional practice exercises.docx - Optional...

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Optional practice exercises Module 1 Ex. 1 Indicate in the space provided by each item whether it would appear on the income statement (IS), balancesheet (BS), or retained earnings statement (RE): a. IS____ Service Revenue g. BS _ Accounts Receivable b. IS____ Utilities Expense h.BS _ Common Stock c. BS___ Cash i.BS __ Equipment d. BS___ Accounts Payable j.IS Advertising Expense e. BS___ Supplies k.RE _ Dividends f. IS____ Salaries and Wages Expense l.BS __ Notes Payable Ex. 2 Classify each of these items as an asset (A), liability (L), or stockholders’ equity (SE). _A _ 1. Accounts receivable _L ___ 2. Accounts payable __SE _ 3. Common stock __A __ 4. Supplies __SE _ 5. Retained earnings __A __ 6. Cash __L __ 7. Notes payable __A __ 8. Equipment Ex. 3 MATCHING 210.Match the items below by entering the appropriate code letter in the space provided. A. Internal users F. Corporation B. Management discussion and analysis G. Assets C. Annual report H. Liabilities D. Sole proprietorship I. Expenses E. Dividends J. Investing activities E____ 1. Distributions of cash from a corporation to its stock holders. I____ 2. Consumed assets or services. D____ 3. Ownership is limited to one person. A____ 4. Officers and others who manage the business. H____ 5. Creditor claims against the assets of the business.
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