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    ADJUSTING AND CLOSING ENTRIES Assignment Nov 20 2020

    Uploaded by

    Kayle Mallillin
    The document outlines various asset, liability, and equity accounts and provides examples of current versus noncurrent assets and liabilities. It also discusses revenue and expense accounts and provides examples of each. Various assessment questions are included to test understanding of accounting concepts such as the income statement, equity, and items that affect equity.

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    ADJUSTING AND CLOSING ENTRIES Assignment Nov 20 2020

    Uploaded by

    Kayle Mallillin
    33 views3 pages
    The document outlines various asset, liability, and equity accounts and provides examples of current versus noncurrent assets and liabilities. It also discusses revenue and expense accounts and provides examples of each. Various assessment questions are included to test understanding of accounting concepts such as the income statement, equity, and items that affect equity.

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    ADJUSTING-AND-CLOSING-ENTRIES-Assignment-Nov-20-2020 (1)

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    The document outlines various asset, liability, and equity accounts and provides examples of current versus noncurrent assets and liabilities. It also discusses revenue and expense accounts and provides examples of each. Various assessment questions are included to test understanding of accounting concepts such as the income statement, equity, and items that affect equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    33 views3 pages

    ADJUSTING AND CLOSING ENTRIES Assignment Nov 20 2020

    Uploaded by

    Kayle Mallillin
    The document outlines various asset, liability, and equity accounts and provides examples of current versus noncurrent assets and liabilities. It also discusses revenue and expense accounts and provides examples of each. Various assessment questions are included to test understanding of accounting concepts such as the income statement, equity, and items that affect equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 3

    Asset Accounts:

    1. Noncurrent = Furniture & Fixture


    2. Noncurrent = Equipment
    3. Current = Notes Receivable
    4. Noncurrent = Building
    5. Noncurrent = Land
    6. Noncurrent = Intangible Assets
    7. Current = Accounts Receivable

    Examples of Current Assets: Examples of Noncurrent Assets:


    1. Cash and cash equivalent 1. Land
    2. Accounts Receivable 2. Property, Plant and Equipment’s
    3. Prepaid Expenses 3. Trademarks
    4. Inventory 4. Long-term Investments
    5. Marketable Securities 5. Goodwill

    Assessment
    1. FURNITURE AND FIXTURE
    2. EQUIPMENT
    3. NOTES RECEIVABLE
    4. BUILDING
    5. LAND
    6. INTANGIBLE ASSETS
    7. ACCOUNTS RECEIVABLE

    Assessment for Liabilities Account:


    1. Bonds Payable
    2. Accounts Payable
    3. Loans Payable
    4. Mortgage
    5. Note Payable
    6. Utilities Payable
    7. Unearned Liability
    8. Accrued Liability

    Examples of Current Liabilities: Examples of Non-current Liabilities:


    1. Accounts Payable 1. Bonds Payable
    2. Interest Payable 2. Long-term Notes Payable
    3. Income Taxes Payable 3. Deferred Tax Payable
    4. Bank Account Overdrafts 4. Mortgage Payable
    5. Short-term Loans 5. Capital Leases
    Assessment
    1. BONDS PAYABLE
    2. ACCOUNTS PAYABLE
    3. LOANS PAYABLE
    4. MORTGAGE
    5. NOTES PAYABLE
    6. UTILITIES PAYABLE
    7. UNEARNED LIABILITY
    8. ACCRUED LIABILITY

    QUIZ
    1. Accounts Payable
    2. Unearned Revenue
    3. Accounts Receivable
    4. Unearned Revenue
    5. Notes Payable

    Examples of Revenue:
    1. Sales Service Revenues
    2. Subscription fees
    3. Interest Revenue
    4. Interest Income
    5. Brokerage Fees
    Examples of Expense:
    1. Cost of Sales
    2. Cleaning Expense
    3. Promotion Expense
    4. Repairs Expense
    5. Depreciation Expense
    Test Your Understanding
    What is an income statement?
    -An income statement or profit and loss account is one of the financial statements of a company and shows the
    company's revenues and expenses during a particular period. It indicates how the revenues are transformed into
    the net income or net profit.

    What is equity?
    -In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is
    measured for accounting purposes by subtracting liabilities from the value of an asset.

    What are the items that increase/decrease equity?


    -The main accounts that influence owner's equity include revenues, gains, expenses, and losses.
    Owner's equity will increase if you have revenues and gains. Owner's equity decreases if you have expenses and
    losses. If your liabilities become greater than your assets, you will have a negative owner's equity.

    What accounts are included in the income statement?


    The income statement consists of revenues (money received from the sale of products and services, before
    expenses are taken out, also known as the “top line”) and expenses, along with the resulting net income or loss
    over a period of time due to earning activities. Net income (the “bottom line”) is the result after all revenues and
    expenses have been accounted for. The income statement reflects a company’s performance over a period of
    time. This is in contrast to the balance sheet, which represents a single moment in time.

    ACTIVITY 1 ACTIVITY 2

    1. L 1. Utilities Expense

    2. A 2. Service Revenue

    3. E 3. Rent Expense

    4. A 4. Salaries Expense

    5. E 5. Supplies Expense

    6. Ex 6. Insurance Expense

    7. A 7. Interest income/revenue

    8. A 8. Bad debts Expense

    9. L

    10. R

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