Problem 1. Preparation of Basic Financial Statements Below is an alphabetical li
ID: 2601279 • Letter: P
Question
Problem 1. Preparation of Basic Financial Statements Below is an alphabetical list of account balances of Kemper Supply Corporation as of December312015 and 2016 prior to the preparation of closing entries and financial statements. REQUIRED A(10 points total) 1. Column 1-Type of Account- Identify each account listed as an Asset (A), a Contra-Asset (CA). a Liability (L), an Equity (EQ), a Revenue (R), or an Expense (EXP). Column 2-Financial Statement-identify each account listed as going on the Balance Sheet (B5), Income Statement (1S) or Statement of Retained Earnings (RE). 2- December 31 Type of Financial Account Statement Account Title 2016 2015 Debit CreditDebit Credit 31,300 Accounts Payable Accounts Receivable Accumulated Depreciation, Equipment Allowance for Doubtful Accounts Cash and Cash Equivalents 35,500 58,800 62,000 64,400 48,300 2,100 2,000 17,900 14,000 88,200 64,000 Exe Common stock no-par 175,845 185,100 16,100 62,200 126,500 29,300 24,600 37,700 69,100 Cost of Goods Sold 15,295 62,200 97,600 27,835 23,370 52,200 22,100 Depreciation Expense EQ E Dividends A Equipment Income Tax Expense ExP Ts Insurance Expense Inventories Land Notes Payable Other Operating Expense Prepaid Insurance Retained Earnings Salary Expense Salary Payable Sales Revenue Unearned Revenue Totals 52,000 38,000 50,100 47,595 1,700 3,900 23,000 35,095 76,900 76,055 30,000 438,000 22,800 21,100 416,100 -24,100 5 756,000 756,000 679,995 679,995 Page 2 of 7Explanation / Answer
Type of Account
Financial Statement
Account Title
L
BS
Accounts payable
A
BS
Accounts receivable
CA
BS
Accumulated Depreciation, Equipment
CA
BS
Allowance for Doubtful accounts
A
BS
Cash and Cash equivalents
EQ
BS
Common stock, no par
EXP
IS
Cost of Goods sold
EXP
IS
Depreciation expense
EQ
RE
Dividends
A
BS
Equipment
EXP
IS
Income Tax expense
EXP
IS
Insurance Expense
A
BS
Inventories
A
BS
Land
L
BS
Notes Payable
EXP
IS
Other operating Expense
A
BS
Prepaid Insurance
EQ
RE
Retained Earnings
EXP
IS
Salary Expense
L
BS
Salary Payable
R
IS
Sales Revenue
L
BS
Unearned Revenue
Type of Account
Financial Statement
Account Title
L
BS
Accounts payable
A
BS
Accounts receivable
CA
BS
Accumulated Depreciation, Equipment
CA
BS
Allowance for Doubtful accounts
A
BS
Cash and Cash equivalents
EQ
BS
Common stock, no par
EXP
IS
Cost of Goods sold
EXP
IS
Depreciation expense
EQ
RE
Dividends
A
BS
Equipment
EXP
IS
Income Tax expense
EXP
IS
Insurance Expense
A
BS
Inventories
A
BS
Land
L
BS
Notes Payable
EXP
IS
Other operating Expense
A
BS
Prepaid Insurance
EQ
RE
Retained Earnings
EXP
IS
Salary Expense
L
BS
Salary Payable
R
IS
Sales Revenue
L
BS
Unearned Revenue
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