ACC301


Question Description:

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This is my assignment. – ACC 301, Sections 010 and 011 Account Balance and Financial Statement Classification Exercise Summer 2013 For each of the following accounts, state its normal balance (debit or credit) and its c Document Preview: ACC 301, Sections 010 and 011 Account Balance and Financial Statement Classification Exercise Summer 2013 For each of the following accounts, state its normal balance (debit or credit) and its category on a company’s classified financial statements as follows: Current assets CA Long-term investments LTI Property, plant and equipment PPE Intangible assets IA Current liabilities CL_x000B_Long-term liabilities LTL Stockholders’ equity SE Sales Sales Cost of goods sold CGS Selling expenses Sell Ex Administrative expenses Adm Ex Other revenues and gains OR Other expenses and losses OE Income tax expense ITE If the account is a contra-account, place brackets around the account name. Assume the company is a retail store and has a December 31, 2012 year end. Account Normal Balance (DR or CR) Financial Statement Classification Accounts payable Accounts receivable Accumulated depreciation Additional paid-in capital in excess of par – common stock Additional paid-in capital in excess of par – preferred stock Advertising expense Allowance for doubtful accounts Available-for-sale securities Bad debt expense Bonds payable, due 6/30/20 Bond sinking fund Building Cash Cash surrender value of life insurance Common stock Copyright Cost of goods sold Depreciation expense – selling Depreciation expense – office Discount on bonds payable Dividend revenue Dividends Dividends payable Account Normal Balance (DR or CR) Financial Statement Classification Office supplies expense Equipment Franchise Freight in Freight out Gain on sale of equipment Goodwill Held-to-maturity securities Income taxes payable Interest expense Interest payable Interest receivable Interest revenue Inventory Land Land held for speculation Loss on sale of land Note payable, due 9/30/13 Note payable, due 4/30/19 Note… Attachments: Chapter-3–No….doc

Answer

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