Asked by Nicholas Alvarez on May 04, 2024
Verified
Selected accounts from the ledger of Thomas Company appear below. For each account, indicate the following:
a. In the first column at right, indicate the type of each account using the following abbreviations:
Asset - A Revenue - R None of the above - N Liability - L Expense - E
b. In the second column, indicate the normal balance of the account by inserting a Dr. or Cr.
Ledger
A comprehensive collection of a company's accounts, where transactions are recorded in detail.
Account
A report or record that maintains the details of each financial transaction a company engages in.
- Master the principles of appropriate account classification.
- Ascertain the regular balances (debit or credit) applicable to assorted accounts.
- Identify the distinctions between assets, liabilities, equity, revenues, and expenses.
Verified Answer
ZK
Learning Objectives
- Master the principles of appropriate account classification.
- Ascertain the regular balances (debit or credit) applicable to assorted accounts.
- Identify the distinctions between assets, liabilities, equity, revenues, and expenses.