Survey of Accounting 2nd Edition by Paul D. Kimmel Test bank

(c) Common stock
(d) Accounts payable
(e) Rent expense
(f) Supplies
(g) Land
 
Ans: N/A, LO: 3, Bloom: K, Difficulty: Easy, Min: 5, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
 
Solution 197
(b),  (c),  (d),  (f),  (g)
 

Be. 198
For the items listed below, fill in the appropriate code letter to indicate whether the item is an asset, liability, or stockholders’ equity item.
                                                 Code
                                    Asset                                           A
                                    Liability                                       L
                                    Stockholders’ Equity                   SE
 
______    1.   Rent Expense                              ______    6.   Cash
 
______    2.   Equipment                                   ______    7.______ Accounts Receivable
 
______    3.   Accounts Payable                        ______    8.______ Retained Earnings
 
______    4.   Common Stock                            ______    9.______ Service Revenue
 
______    5.   Insurance Expense                       ______ 10.______ Notes Payable
 
Ans: N/A, LO: 3, Bloom: C, Difficulty: Easy, Min: 5, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
 
Solution 198
    1.     SE                              6.     A
    2.     A                               7.     A
    3.     L                               8.     SE
    4.     SE                              9.     SE
    5.     SE                            10.     L
 
Be. 199
Classify each of these items as an asset (A), liability (L), or stockholders’ equity (SE).