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November 23, 2014

Homework Help: different one Financial Accounting

Posted by Franklin (Due Monday) on Saturday, January 21, 2012 at 2:40pm.

For each transaction, indicate whether the related account would be classified as an (a) asset (b) liability (c) stockholders' equity to be reported in the balance sheet (d) revenue (e) expense to be reported in the income statement (f) dividend to be reported in the stockholders' equity. I have included my answers and would appreciate whatever you think of them. I just very recently started doing this stuff for the very first time and any guidance would be appreciated.
1. Sale of common stock to investors (f)
2. Equipment used for operations (a)
3. Amounts owed to employees salaries payable (e)
4. sales of services to customers revenue (d)
5. Cost of utilities expense (e)
6. Purchase of office supplies (e)
7. Research and developments cost expenses (e)
8. Land property used for operations (a)
9. Income tax payable (b)
10. Amount of interest owed on borrowing payable (c)

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