ACC 205 Week 1 Exercise 6 Recognition of normal balances

ACC 205 Week 1 Exercise 6 Recognition of normal balances

Recognition of normal balances

The following items appeared in the accounting records of Triguero’s, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company’s viewpoint. Also indicate the normal account balance of each item.

 

a.The albums, tapes, and CDs held for sale to customers.

b.A long-term loan owed to Citizens Bank.

c.Promotional costs to publicize a concert.

d.Daily receipts for merchandise sold,

e.Amounts due from customers,

f.Land held as an investment,

g.A new fax machine purchased for office use.

h.Amounts to be paid in 10 days to suppliers,

i.Amounts paid to a mall for rent.

 

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