accounting

posted by anonymous

1)utilities expense, 2)accounts payable, 3)commissions,4)capital, 5)withdrawals.where do they appear? income statement or statement of changes in owner equity or balance sheet.i think #1 is balance sheet #2 is income statement, #3 statement of chnges in owner equity #4 i think blance sheet #5 owner equity #6 income statement. please correct if i am wrong and write the right ans. and mke it clear so i could understand why.please.

  1. SraJMcGin

    Are you still talking about the account and the bank?

    1. The owner will write a check unless there is automatic payment (debit). Then the check # or the automatic payment will be on the balance statement as a debit.

    2. Accounts payable reflect the money owed to a supplier (debit). Again, that could be automatic payment, reflected on the balance or the owner of the account writes a check. The owner will enter it in the check book and then it will appear on the monthly statement from the bank.

    3. Commissions are a credit, reflected on the monthly statement and then entered in the check book.

    4. Capital = asset, like #3.

    5. Withdrawal = debit, like #2.

    What do you mean by income statement? The company or business will be keeping books and when they deposit the funds in the bank, it will appear on the monthly bank statement.

    It's not clear to me what you are referring to now. When you post, please make it very clear what you are doing.

    Sra

  2. SraJMcGin

    P.S. If you are talking now about accounting (and not necessarily banking), please see the following GOOGLE Search:

    http://www.google.com/search?q=accounting+tutorial&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a

    Sra

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