When comparing a retail business to a service business, the financial
statement that changes the most is the Income Statement
Using the following information, what is the amount of merchandise
available for sale?
On May 19, Integrity Repair Service extended an offer of $335,000 for land that had
been priced for sale at $363,000. On June 4, Integrity Repair Service accepted the
sellers counteroffer of $345,000. On October 10, the land was assessed at a value of
PE 2-1A Rules of debit and credit and normal balances
State for each account whether it is likely to have (a) debit entries only, (b) credit
entries only, or (c) both debit and credit entries. Also, indicate its normal balance.
1. Accounts Receivable will
Indicate with a Yes or No whether or not each of the following accounts normally
requires an adjusting entry.
a. Accumulated Depreciation - Yes
b. Dividends - No
c. Land - No
d. Salaries Payable - Yes
e. Supplies - Yes
f. Unearned Rent - Yes
Chapter 6 303
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PROBLEM 6-5 ﬂ, Continued
Statement of Owner
19 August, 2015
Conference Page 1
Classify each of the following accounts as a liability, owners equity, or asset.
Money in the Bank
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Cells with non-gray backgrounds are protected and cannot be edited.
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2,
Accounting 1A Final Exam Information and Study Guide
Final Exam Study Guide Part Two
You may use this study guide during your exam. Every topic may not be covered here, but
this will assist you greatly, use it!
Payroll: Most employers are levied a tax on
Final Exam Study Guide Part One
You may use this study guide during your exam. Every topic may not be covered
here, but this will assist you greatly, use it!
Final Exam Week!
The Exam is Proctored. Students CANNOT login to the
Final Exam (it wo