(For all responses, put your answer on the line provided.)
For questions 1 through 10 use the following: [A] Asset....[L] Liabiity....[C] Capital....[R] Revenue....[E] Expense
CLASSIFY THE FOLLOWING ACCOUNTS:
| ____ 1. Accounts Receivable | ____ 6. Equipment |
| ____ 2. Owner's Equity | ____ 7. Rent Income |
| ____ 3. Salary Expense | ____ 8. Drawing |
| ____ 4. Accounts Payable | ____ 9. Fares Earned |
| ____ 5. Supplies | ____ 10. Taxes Payable |
For questions 11 through 30 put a "D" for debit or a "C" for credit.
WHAT IS THE NORMAL BALANCE FOR THE FOLLOWING ACCOUNTS?
| ____ 11. Rent Expense | ____ 16. Interest Payable |
| ____ 12. Accounts Payable | ____ 17. Land |
| ____ 13. Capital | ____ 18. Interest Receivable |
| ____ 14. Drawing | ____ 19. Property Taxes Payable |
| ____ 15. Notes Receivable | ____ 20. Fees Earned |
WHAT WOULD IT TAKE TO DECREASE THE FOLLOWING ACCOUNTS?
| ____ 21. Cash | ____ 26. Capital |
| ____ 22. Subscriptions Revenue | ____ 27. Wages Payable |
| ____ 23. Buildings | ____ 28. Interest Income |
| ____ 24. Drawing | ____ 29. Accounts Receivable |
| ____ 25. Office Supplies Expense | ____ 30. Office Equipment |
Answers
| A 1. Accounts Receivable | A 6. Equipment |
| C 2. Owner's Equity | R 7. Rent Income |
| E 3. Salary Expense | C 8. Drawing |
| L 4. Accounts Payable | R 9. Fares Earned |
| A 5. Supplies | L 10. Taxes Payable |
| D 11. Rent Expense | C 16. Interest Payable |
| C 12. Accounts Payable | D 17. Land |
| C 13. Capital | D 18. Interest Receivable |
| D 14. Drawing | C 19. Property Taxes Payable |
| D 15. Notes Receivable | C 20. Fees Earned |
| C 21. Cash | D 26. Capital |
| D 22. Subscriptions Revenue | D 27. Wages Payable |
| C 23. Buildings | D 28. Interest Income |
| C 24. Drawing | C 29. Accounts Receivable |
| C 25. Office Supplies Expense | C 30. Office Equipment |