[Solution]Type of Account   

CMBA 603-S                                                             Name ___________________________ Test 1 – part 2 (problems) Fall 2021   Problems – Work the following either by completing the answers on this…

CMBA 603-S                                                             Name ___________________________
Test 1 – part 2 (problems)
Fall 2021
 
Problems – Work the following either by completing the answers on this document or else by using Excel. Be sure to show your work! This is an open-book, open-notes test. You may not use the internet or consult with other people, but you may use our textbook and notes from this class. Both parts of the test are due at midnight, Monday, September 27. Upload your files to Canvas.
 
Classifications:  Part I
For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) (b) the normal balance – debit or credit and (c) whether it would be closed (as part of the year-end closing entries).
(a) Type of Account      (b) Debit or Credit? (c) Close?yes or no

dividends payable __________________                       ______                      ______
purchase discounts lost (periodic)                                                                                                                   ____
accumulated depreciation __________________                       ______                      ______
common stock __________________                       ______                      ______
cost of goods sold __________________                       ______                      ______
dividends (declared) __________________                       ______                      ______
interest earned __________________                       ______                      ______
depreciation for the current year __________________                       ______                      ______
accounts receivable __________________                       ______                      ______
retained earnings _________________                         ______                      ______
prepaid (unexpired) insurance __________________                       ______                      ______
sales returns __________________                       ______                      ______
gain on sale of land __________________                       ______                      ______
investments __________________                       ______                      ______
unearned rent revenue __________________                       ______                      ______

 
 
 

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