For each item described: Identify the type of account (Asset,Liability, Equity, Revenue or Gain, Expense or Loss), normalbalance (Debit, Credit), financial statement (Balance Sheet, IncomeStatement), and whether the account is closed at the end of theperiod (Yes, No) by selecting the letter that best describes thoseattributes. If an account is a contra account, the answer will showthe account type in parentheses. Answer items may beused once, more than once, or not at all.
- 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
For each item described: Identify the type of account (Asset,Liability, Equity, Revenue or Gain, Expense or Loss), normalbalance (Debit, Credit), financial statement (Balance Sheet, IncomeStatement), and whether the account is closed at the end of theperiod (Yes, No) by selecting the letter that best describes thoseattributes. If an account is a contra account, the answer will showthe account type in parentheses. Answer items may beused once, more than once, or not at all.
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