B-02.017 Problem

B-02.017 Problem - (d) Land used by the business under a...

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B-02.017 Decide if you would classify each of the listed items (a) - (l) as an: asset liability equity revenue expense dividend not applicable Indicate the balance you would normally expect to find in the general ledger account related to each item: debit credit When you are done, you should conclude that two of the items would not be included in the accounts of a company. (a) Utilities cost incurred and paid (b) Distributions to shareholders (c) Proceeds received from customers for services provided
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Unformatted text preview: (d) Land used by the business under a lease agreement (e) Amounts due from customers (f) The amount owed to a bank related to a loan (g) Shareholder investments received (h) Cash on hand (i) Equipment owned by the business (j) The amount of rent incurred but not yet paid (k) Backlog of work to be performed in the future under existing contracts (l) Salaries earned by employees and already paid to them...
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