For each item described: Identify the type of account (Asset, Liability, Equity,

Question

For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense or Loss), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra account, the answer will show the account type in parentheses.  Answer items may be used once, more than once, or not at all.

Sales & Services

Allowance to for Doubtful Accounts

Office Salaries Paid

Notes Payable

Cash

Sales Returns & Allowances

Expense or Loss, Debit, Income Statement, Yes

Revenue or Gain, Credit, Income Statement, Yes

Asset, Debit, Income Statement, Yes

Liability, Credit, Income Statement, Yes

Revenue, Credit, Balance Sheet, No

(Asset), Credit, Balance Sheet, No

(Revenue or Gain), Credit, Income Statement, Yes

Asset, Debit, Balance Sheet, No

Asset, Debit, Balance Sheet, No

      -   

Sales & Services

      -   

Allowance to for Doubtful Accounts

      -   

Office Salaries Paid

      -   

Notes Payable

      -

Cash

  

Sales Returns & Allowances

1.

Expense or Loss, Debit, Income Statement, Yes

2.

Revenue or Gain, Credit, Income Statement, Yes

3.

Asset, Debit, Income Statement, Yes

4.

Liability, Credit, Income Statement, Yes

5.

Revenue, Credit, Balance Sheet, No

6.

(Asset), Credit, Balance Sheet, No

7.

(Revenue or Gain), Credit, Income Statement, Yes

8.

Asset, Debit, Balance Sheet, No

9.

Asset, Debit, Balance Sheet, No

Explanation / Answer

Sales & Services 2 Revenue or Gain, Credit, Income Statement, Yes Allowance to for Doubtful Accounts 6 (Asset), Credit, Balance Sheet, No Office Salaries Paid 1 Expense or Loss, Debit, Income Statement, Yes Notes Payable Liability, credit,balance sheet, No Cash 8 Asset, Debit, Balance Sheet, No Sales Returns & Allowances 7 (Revenue or Gain), Credit, Income Statement, Yes Note Sales Returns & Allowances is a contra sales account it has debit balance as the option 7 gives contra sales account in parentheses so this option is choosen For Notes payable not finding the option should be available it should be liability, credit,balance sheet, no If any doubt please comment

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