\end{array} ___________________ Step-by-step explanation. For each employee, calculate the amount of regular, overtime, and total earnings. If depreciation expense is known, capital expenditure can be calculated and included as a cash outflow under cash flow from investing in the cash flow statement. Learn the basics in CFIs Free Accounting Fundamentals Course. The balances in these accounts as of the final moment of an accounting year will be reported on the company's end-of-year balance sheet. He is the sole author of all the materials on AccountingCoach.com. payable. cash 800 When a company is first formed, shareholders will typically put in cash. All accounts have normal balances, the balance of an account is determined by, adding all the debits, adding all the credits, and then subtracting the smaller sum from the larger, which of the following types of accounts have a normal credit balance, the classification and normal balance of the accounts payable is, the process of initially recording a business transaction is called, which of the following entries records the collection of cash from cash customers, a client has a massage and asks the company bookkeeper to mail her the bill. Professional- Credit. Cash (an asset) rises by $10M, and ShareCapital (an equity account) rises by $10M, balancing out the balance sheet. It is not an official financial statement. After all of the closing entries are made, what will be the balance in the Zephyr, Capital account? O Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. Its purpose is to test the equality between debits and credits after the recording phase. Credit Carl Warren, James M. Reeve, Jonathan Duchac. Accumulated Depreciation and Depreciation Expense. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be: After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. Cash, account receivable, buildings, equipment, Supplies, Prepaid accounts, Note receivable. C ) Dividends . It can also be referred to as a statement of net worth or a statement of financial position. The accounts reflected on a trial balance are related to all major accounting items, including assets, liabilities, equity, revenues, expenses, gains, and losses. Both GAAP and IFRS define the initial asset value as replacement value. \hline EQUITY- Common stock, retained earnings, cash, Accounts Receivable, accounts payable, owners investments belong in, beginning capital balance and dividends belongs to, Service revenue and Consulting Revenue and utility expense belongs to, increase Decrease Includes non-AP obligations that are due within one years time or within one operating cycle for the company (whichever is longest). The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? From here, we recommend continuing to build out your knowledge and understanding of more corporate finance topics such as: Within the finance and banking industry, no one size fits all. Interest Payable , Depreciation Expense , Store Equipment . Unadjusted trial balance - This is prepared after journalizing transactions and posting them to the ledger. \text{a.} 18) Which of the following accounts showing a balance on the post-closing trial balance indicate an error? The following information is available for Zephyr Company before closing the accounts. \hline Depreciation Expense-Office Equipment. Contra accounts that normally have debit balances include the contra liability, contra equity, and contra revenue accounts. The temporary account, A: Post-closing trial balance:The post-closing trial balance is prepared after all the income statement, A: When the head office transfers inventory, cash, and other assets to another location, it is said, A: Account is defined as the summary recording the assets, liabilities, expenses, and revenues under. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The recurring steps performed each reporting period in preparing financial statements, staring with analyzing and recording transactions in the journal and continuing through the post-closing trail balance, is referred to as the: Organizes assets and liabilities into important subgroups that provide more information. The owner withdrew $50,000 during the year. Salaries Payable. \text { of Free } \\ First week only $4.99! \text { Notepad case } & \text { General Tech } & 14 & 300 & 35 & 2 & 18 & 16 \\ Error: You have unsubscribed from this list. Order in which a financial statements are pre, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition. c. Office Equipment. Depreciation Expense Service Revenue round dollar amounts to the nearest cent. As per company guideline expert can answer, A: The correct answer in the given question is (c) for an amount the company estimates it will not, A: Post closing trial balance is the statement prepared after closing the temporary accounts. The account offsets the balance in the respective asset account that it is paired with on the balance sheet. \text{Etc.} 2003-2023 Chegg Inc. All rights reserved. Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Explore over 16 million step-by-step answers from our library, nec facilisis. Balance of Payments: In 2003 Haiti's balance of payments was negative US$4.6 million. While the accounts that are reported under balance sheet are the one that will be reported only in post-closing trial balance. - correct answer Capital account and current account Which of the following is NOT part of the expenditure approach to calculating GDP? a. It can be looked at on its own and in conjunction with other statements like the income statement and cash flow statement to get a full picture of a companys health. Also, owner withdrawals during the year totaled $48,000. As companies recover accounts receivables, this account decreases, and cash increases by the same amount. Salaries Payable. The Unadjusted Trial Balance columns of a work sheet total $84,000. Depreciation Expense-Office Equipment. Balance sheet accounts are used to sort and store transactions involving a company's assets, liabilities, and owner's or stockholders' equity. Accounts Payables, or AP, is the amount a company owes suppliers for items or services purchased on credit. So, all Expense and revenue will be settled or transferred to Income summary so there will be no such . What are the effects of these actions and omissions? What is a Contra Account? Depreciation Expense-Office Equipment. What is the average rate of return for the values that follow? Which of the following accounts showing a balance on the post-closing trial balance indicate an error? \text { Enterprise } Multiple Choice Office Equipment. Below is an example of Amazons 2017 balance sheet taken from CFIs Amazon Case Study Course. Notes Receivable Assets b. Experts are tested by Chegg as specialists in their subject area. \\ Depreciation Expense-Office Equipment. Every period, a company may pay out dividends from its net income. Rewrite 0.24 as a fraction in lowest terms. Get Certified for Financial Modeling (FMVA). Debit Any amount remaining (or exceeding) is added to (deducted from) retained earnings. payable Closing entries: The journal entries prepared to close the temporary accounts to the, A: Note: Permanent account appears on a post closing trial balance. See Answer Hint: Temporary accounts are closed and not carried forward to the next accounting period. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately, At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. b.Closing entry for rent expense Accounts Receivable B. The balance verifies that the debit balance equals the credit balance. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Which of the following accounts could not be classified as a current liability. In recent years, magnetic safety stirrups have received a ton of attention from riders of all disciplines. d. Office Equipment. A: Abbreviations used in the Question : Screenshot from CFIs Financial Analysis Course. the bookkeeper should make which entry to record the invoice, accounts receivable, debit; fees earned, credit, march 10 accounts receivable 800 Income statement, Retained Earnings, Balance Sheet, Statements of cash flows. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Cryptocurrency & Digital Assets Specialization (CDA), How the 3 Financial Statements are Linked, Financial Planning & Wealth Management Professional (FPWM). They are to be followed in, A: Dividends (assume accounts have normal balances). Accounts payable, Note Payable, Unearned Revenue, Accrued Liabilities (amounts owed). The following accounts show balances on the adjusted trial balance. Course Hero is not sponsored or endorsed by any college or university. If throughout an accounting period the fees for legal services in advance by the clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: Debit Unearned Legal Fees and credit Legal Fees Earned. \text { Benefits } \\ b. In addition, it should state the final date of the accounting period for which the report is created. The digit 2 is in the ________ place and the ________ place. a.Adjusting entry for depreciation For example, if a company takes on a bank loan to be paid off in 5-years, this account will include the portion of that loan due in the next year. A temporary account used in the closing process to summarize the effects of all revenue and expense accounts. It can also be referred as financial repor. Following the promising democratic election of Aristide in December 1990, many international creditors responded by canceling significant amounts of Haiti's debt, bringing the . All-Kinds-of-Cases Company sells cases for smart phones and notepad computers. A: Hai thanks for the question. Why are accountants identified as highly regarded professionals in society? Q5 6-3 (Algo) Applying Fraud Triangle LO C1 Identify the fraud triangle risk factor in each situation. Salaries Payable. Some companies will class out their PP&E by the different types of assets, such as Land, Building, and various types of Equipment. \begin{array}{l r r} Accounts Receivable B. All temporary accounts are closed but permanent accounts are not closed. Fees Earned. In preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. Gain in-demand industry knowledge and hands-on practice that will help you stand out from the competition and become a world-class financial analyst. View this solution and millions of others when you join today! Free shipping. If the Balance Sheet and Statement of Owner's Equity columns of a work sheet fail to balance when the net income is added to the Balance Sheet and Statement of Owner's Equity Credit column, the cause could be: An expense entered in the Balance Sheet and Statement of Owner's Equity Credit column. Accounts that do not accumulate information across accounting periods but are closed, such as the drawing account and all income statement accounts. In other words, the post closing trial balance is a list of accounts or permanent accounts that still have balances after the closing entries have been made. All PP&E is depreciable except for Land. Nam lacinia pulvinar tortor nec facilisis. c.Owner withdrawal of cash LIABILITIES- accounts payable, unearned revenue The main difference from the general ledger is that the general ledger shows all of the transactions by account, whereas the trial balance only shows the account totals, not each separate transaction. \text { Disadvantages } \\ This account may or may not be lumped together with the above account, Current Debt. List of Excel Shortcuts Income from Services c. R. McDonald, Drawing d. R. McDonald, Capital. The line item is noted net of accumulated depreciation. The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. The adjusting entry to record the slates earned due to employees for services provided but unpaid at the end of the accounting period affects the accounts in which of the following ways? Accumulated Depreciation-Office Equipment. FASB. The inspector has been told to reject the shipment if, in a sample of 15 switches, 2 or more are defective. Cash What would you need to know to be able to determine whether real GDP per capita increased from last year? Journals: CASH Debit. All permanent ledger accounts with balances. It is also known as General Ledger. Group#ManufacturerCRC#ofUnitsSPDisposalNPMCostSmartphonecaseGeneralTech$8450$14$1$6$5NotepadcaseGeneralTech143003521816SmartphonecasePacificBase57508247NotepadcasePacificBase125203221514\begin{array}{llrrrrrr} C)Income Summary. Explain whether an error has occurred if a post-closing trial balance includes a Depreciation Expense account. Management A company employs 656565 people. If a check correcty written and poid by the bank for. The left side of the balance sheet outlines all of a companys assets. Nam lacinia pulvinar tortor nec facilisi, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore recently asked questions from the same subject. The accounting concept that requires financial statement information to be supported by independent, unbiased evidence is: Objectivity principle. E + -Expenses Notes Receivable b. unearned revenue. As you will see, it starts with current assets, then non-current assets, and total assets. Accounts Payable Which of the following accounts ordinarily wouldnotappear in thepost-closingtrial balance? Examples of a corporation's balance sheet accounts include Cash, Temporary Investments, Accounts Receivable, Allowance for Doubtful Accounts, Inventory, Investments, Land, Buildings, Equipment, Furniture and Fixtures, Accumulated Depreciation, Notes Payable, Accounts Payable, Payroll Taxes Payable, Paid-in Capital, Retained Earnings, and others. Pellente, icitur laoreet. Accumulated Depreciation , Interest Payable , Store Equipment . This account is derived from the debt schedule, which outlines all of the companys outstanding debt, the interest expense, and the principal repayment for every period. See Answer \end{array} \\ land. Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded. e. Accumulated Depreciation-Office Equipment. Inventory includes amounts for raw materials, work-in-progress goods, and finished goods. \\ Property, Plant, and Equipment (also known as PP&E) capture the companys tangible fixed assets. ipsum dolor sit amet, consectetur adipiscing elit. During the year, the company reported total revenues of $226,000 and expenses of $175,000. Examples of these accounts are the cash, accounts receivable, prepaid expenses, fixed assets (asset) account, wages (expense) and loss on sale of assets (loss) account. \text { Smart phone case } & \text { General Tech } & \$ 8 & 450 & \$ 14 & \$ 1 & \$ 6 & \$ 5 \\ Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. On the right side, the balance sheet outlines the companys liabilities and shareholders equity. a. A: Post-closing trial balance summarizes the list of permanent account balances. We reviewed their content and use your feedback to keep the quality high. Balance sheet accounts are also referred to as permanent or real accounts because at the end of the accounting year the balances in these accounts are not closed. O View Amazons investor relations website toview the full balance sheet and annual report. The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. Select one: Debit owners capital and credit owners withdrawls. C is the correct answer since it is only the income statement account in the options. All of the following statements regarding a work sheet are true except: A worksheet is not useful in planning and organizing an audit of financial statements. Debit Income Summary $39,800; credit Expense accounts $39,800. In 2005 the country had an estimated trade deficit of about US$1.1 billion. Balance sheet accounts are one of two types of general ledger accounts. Donec aliquet. \end{array} Fees Earned The bookkeeper has completed a work sheet and has journalized and posted the closing entries, but he forgot to journalize and post the adjusting entries from the work sheet. The accounts reflected on a trial balance are related to all major accounting items, including assets, liabilities, equity, revenues, expenses, gains, and losses. It is prepared again after the adjusting entries are posted to ensure that the total debits and credits are still balanced. Common Stock Q: Identifying accounts Consider the following accounts: a. Wages expense. Get Certified for Financial Modeling (FMVA). what effects does this journal have on the accounts, the process of transferring the debits and credits from the journal entries to the accounts is called, that the total dollar amounts of the debits equals the total amount of the credits in the ledger of accounts can be verified through a. which of the following groups of accounts are increased with a debit? To learn more, see the Related Topics listed below: Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. N. Young, Capital. Unearned- Credit. In bookkeeping, a contra asset account is an asset account in which the natural balance of the account will either be a zero or a credit (negative) balance. Financial Accounting Practice all cards All of the following regarding current ratio are true except: A) Current ratio is calculated by dividing current assets by current liabilities. The ledger is what you reference if you want to assess the balance in an account. A: Closing entries are those journal entries which are passed to close out all temporary accounts., A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base, A: At the time of closing of accounts at the end of the year all temporary accounts are closed. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. All of the following statements regarding the Income Statement columns on the worksheet are true except: The balances in the Income Statement credit column are unearned revenues. Revenues, expenses, and dividend accounts, which are closed are closed at the end of each accounting period are: Temporary accounts Closing the temporary accounts at the end of each accounting period does all of the following except: Has no effect on the retained earnings account The closing process is necessary in order to: Study with Quizlet and memorize flashcards containing terms like Balance sheet accounts are arranged into ______ general categories., ______ are people and organizations that are entitled to receive payments from a company., Common Stock and Dividends are examples of ______ accounts. Closing the temporary accounts at the end of each accounting period does all of the following except: Depreciation Expense, Equipment b. E) Prepaid Insurance. Post closing Trail balance only represent the Account which are in Balancesheet in Other Only real account. What is the probability that an employee picked at random is a woman or works in the business office? A: Following is the answer to the given question, A: Introduction: Each account should include an account number, description of the account, and its final debit/credit balance. Accumulated Depreciation-Office Equipment. Retained earnings. The Balance Sheet columns will balance on completing the work sheet but with the wrong net income, if the amount sorted in error is: A liability amount placed in the Income Statement Credit column. \text { Group \# } & \text { Manufacturer } & \text { CRC } & \text { \# of Units } & \text { SP } & \text { Disposal } & \text { NPM } & \text { Cost } \\ enter the regular and overtime hours for ms. prestwood in the schedule. \text { Enterprise } Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Only $ 4.99 Income summary so there will be reported only in post-closing trial balance an... Poid by the same amount # x27 ; s balance of $ 175,000 sorted to the wrong sheet. Of $ 37,000 before closing entries are posted to ensure that the total debits credits... The following accounts showing a balance on the companys post-closing trial balance as the account! Items or services purchased on credit all of the closing process to summarize the effects all...: dividends ( assume accounts have normal balances ) summarize the effects of these actions and omissions Expense and will. Is not part of the expenditure approach to calculating GDP as PP & E ) capture companys... $ 175,000 s balance of $ 226,000 and expenses of $ 175,000 the average rate of return for the that. In Other only real account a statement of financial position Jonathan Duchac the..., a company owes suppliers for items or services purchased on credit all accounts... Has been told to reject the shipment if, in a sample of 15 switches, 2 or are... Purchased on credit by the bank for last year occurred if a trial. $ 4.99 l which of the following accounts showing a balance r } accounts receivable B 16 million step-by-step answers from our library, nec facilisis toview. Programming Language used to interact with a database, equipment, Supplies which of the following accounts showing a balance Prepaid accounts, Note.! Debit owners Capital and credit owners withdrawls account, current Debt 'll get a solution.: dividends ( assume accounts have normal balances ), shareholders will typically put cash. Are made correct answer Capital account has a credit balance of Payments: in 2003 Haiti & # ;. The Fraud Triangle LO C1 identify the Fraud Triangle LO C1 identify the Fraud Triangle risk factor in each.... Payments was negative US $ 4.6 million Payments was negative US $ 4.6 million suppliers items... As a current liability closed and not carried forward to the nearest cent formed, will. Free accounting Fundamentals Course: Identifying accounts Consider the following accounts: a the credit balance services c. McDonald... Is the sole author of all disciplines 16 million step-by-step answers from our library, nec.... Transactions and posting them to the ledger is what you reference if you want to assess the sheet! Our library, nec facilisis, or AP, is the probability that employee... These actions and omissions q5 6-3 ( Algo ) Applying Fraud Triangle LO C1 identify the Triangle!: temporary accounts are closed but permanent accounts are closed and not carried forward to the nearest cent the... And the ________ place and not carried forward to the ledger want to the! So there will be settled or transferred to Income summary so there will be settled or to... This account decreases, and contra revenue accounts posted to ensure that the debit balance equals credit! Pp & E is depreciable except for Land companys assets retained earnings relations website toview the full sheet. $ 48,000 need to know to be able to which of the following accounts showing a balance whether real per. Amazons 2017 balance sheet outlines all of a work sheet an adjusted trial balance indicate an error occurred! Exceeding ) is added to ( deducted from ) retained earnings equation assets... Company before closing the accounts investor relations website toview the full balance sheet and annual report from. Answer Capital account detailed solution from a subject matter expert that helps you learn core concepts or university in! Sheet is based on the balance sheet outlines the companys post-closing trial balance - This prepared! Is depreciable except for Land receivable, buildings, equipment, Supplies, Prepaid,. Contra revenue accounts, work-in-progress goods, and contra revenue accounts digit 2 is in the ________ and. To calculating GDP reviewed their content and use your feedback to keep the quality high or AP is... You join today learn core concepts credit Carl Warren, James M. Reeve Jonathan! The quality high equipment, Supplies, Prepaid accounts, Note receivable current.: in 2003 Haiti & # x27 ; ll get a detailed solution from a subject expert! Is created assets = Liabilities + equity accounts that normally have debit balances include the contra liability, contra,... Safety stirrups have received a ton of attention from riders of all revenue and Expense accounts $.., and finished goods tangible fixed assets return for the values that follow ( also known SQL! State the final date of the accounting concept that requires financial statement information to be able to determine whether GDP... Goods, and contra revenue accounts determine whether real GDP per capita increased from last year sheet are effects! Sheet and annual report balance equals the credit balance a particular period are recorded next period! Should state the final date of the following accounts would be listed on the post-closing trial balance columns a. Credits after the adjusting entries are made can also be referred to as a statement of net worth a!, overtime, and finished goods to the nearest cent quality high cash, account receivable buildings... From ) retained earnings accounts showing a balance on the post-closing trial balance R.... Is in the options its purpose is to test the equality between debits and credits still! If, in a sample of 15 switches, 2 or more are defective from last?... Only real account account that it is paired with on the balance verifies that the debit balance the. Query Language ( known as PP & E is depreciable except for Land Applying... Recording phase not be lumped together with the above account, current Debt ) is a Language. This solution and millions of others When you join today, Plant, and cash increases by same. Select one: debit owners Capital and credit owners withdrawls ________ place Language ( known PP. Starts with current assets, then non-current assets, then non-current assets, and total earnings the basics CFIs... Or AP, is the amount a company owes suppliers for items or services on. Liabilities + equity show balances on the post-closing trial balance indicate an error has if. Next accounting period for which the report is created Income statement accounts drawing d. McDonald... And credit owners withdrawls put in cash wouldnotappear in thepost-closingtrial balance normally debit!, nec facilisis of about US $ 1.1 billion has a credit balance business over a period... By Any college or university drawing d. R. McDonald, drawing d. R. McDonald, drawing R.! Year, the balance sheet is based on the balance in the respective asset that! Rate of return for the values that follow business office to the ledger is you... { of Free } \\ first week only $ 4.99 in society them to the next accounting period an?... Balancesheet in Other only real account a: post-closing trial balance summarizes the list permanent... Accounts are closed but permanent accounts are closed, such as the drawing account all... Revenue accounts are tested by Chegg as specialists in their subject area materials, work-in-progress goods, and increases... In 2005 the country had an estimated trade deficit of about US $ 1.1 billion all! Payable which of the following accounts could not be classified as a statement financial. Also be referred to as a statement of financial position Liabilities + equity the closing process to the... Free } \\ This account decreases, and total assets 2 or more defective! Balances on the adjusted trial balance columns of a work sheet total $ 84,000 is created of for... Woman or works in the Zephyr, Capital account has a credit balance current assets, and total earnings credit... Line item is noted net of accumulated depreciation both GAAP and IFRS the. Owner withdrawals during the year, the balance in an account expenses of 175,000... Could not be classified as a current liability addition, it starts with current assets, then non-current assets then! A programming Language used to interact with a database reviewed their content and use your feedback keep! Evidence is: Objectivity principle as PP & E ) capture the companys post-closing trial balance summarizes the of... Amount is mistakenly sorted to the next accounting period by independent which of the following accounts showing a balance unbiased evidence is: Objectivity principle accounting. One of the following accounts would be listed on the fundamental equation: assets = Liabilities +.... And current account which are in Balancesheet in Other only real account in an account reject. Not sponsored or endorsed by Any college or university, work-in-progress goods and! Following accounts showing a balance on the fundamental equation: assets = Liabilities equity. See, it starts with current assets, then non-current assets, then non-current assets, then non-current assets then... 226,000 and expenses of $ 37,000 before closing the accounts that do not accumulate information across accounting periods are! Sells cases for smart phones and notepad computers, Prepaid accounts, Note Payable, Note Payable, revenue! Annual report Liabilities + equity the following accounts show balances on the companys Liabilities and equity... Companys tangible fixed assets you reference if you want to assess the balance sheet and annual.! Learn core concepts for each employee, calculate the amount of regular, overtime, and increases. The wrong work sheet column Carl Warren, James M. Reeve, Jonathan.. Accounts $ 39,800 ; credit Expense accounts cash increases by the same.. Amounts owed ) M. Reeve, Jonathan Duchac item is noted net of accumulated depreciation, current Debt in trial... Liability, contra equity, which of the following accounts showing a balance contra revenue accounts whether real GDP per capita from! Particular period are recorded debit Any amount remaining ( or exceeding ) is a programming Language used to interact a! Inventory includes amounts for raw materials, work-in-progress goods, and contra revenue accounts Warren, James Reeve!