1. For each "Account Description," determine which of the five "Account Classifications" applies, the normal account balance side, and the normal account debit or credit. Asset . Liability • Owner's Equity • Revenue Expense Account Description Account Class'fication Normal Account Balance S'de (Left or Right) Normal Account Balance (Deb't or Cred't) Cash Utilities Expense Accounts Payable Accounts Receivable Equipment Building Chi Yang, Drawing Wages Expense Land Jai Elua, Capital Service Revenue Prepaid Insurance Premiums Earned Legal Expense Loans Payable Fees Earned Office Equipment Repairs Expense Salaries Payable Salaries Expense Interest Payable Professional Fees

1. For each "Account Description," determine which of the five "Account Classifications" applies, the normal account balance side, and the normal account debit or credit. Asset . Liability • Owner's Equity • Revenue Expense Account Description Account Class'fication Normal Account Balance S'de (Left or Right) Normal Account Balance (Deb't or Cred't) Cash Utilities Expense Accounts Payable Accounts Receivable Equipment Building Chi Yang, Drawing Wages Expense Land Jai Elua, Capital Service Revenue Prepaid Insurance Premiums Earned Legal Expense Loans Payable Fees Earned Office Equipment Repairs Expense Salaries Payable Salaries Expense Interest Payable Professional Fees

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter16: Advanced Topics Concerning Complex Auditing Judgments

Section: Chapter Questions

Problem 15MCQ

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