ACC 205 Week 1 Assignment

 

a.         Amoutns paid to a mall for rent. (Expense, normal debit balance)

b.         Amounts to be paid in 10 days to suppliers. (Liability, normal credit balance)

c.         A new fax machine purchased for office use. (Asset, normal debit balance)

d.         Land held as an investment. (Asset, normal debit balance)

e.         Amounts due from customers. (Asset, normal debit balance)

f.          Daily sales of merchandise sold. (Revenue, normal credit balance)

g.         Promotional costs to publicize a concert. (Expense, normal debit balance)

h.         A long-term loan owed to Citizens Bank. (Liability, normal credit balance)

i.          The albums, tapes, and CDs held for sale to customers. (Asset, normal debit balance)

 
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