Xacc/280 Week 1 Question Paper

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_______________________________________________ Homework Assignment due Saturday, September 6th by midnight Chapter 1: Ex 1-6, Ex 1-8, Ex 1-16, Ex 1-17, PR1-2A Chapter 2: Ex 2-1, Ex 2-5, Ex 2-7, Ex 2-9, Ex 2-15 • (Ex 1-6) Determine the missing amount for each of the following: Assets = Liabilities + Owner’s Equity • _220,100___ = $118,000 + $338,100 • $766,750 = _355,010_______ + $411,740 • $3,250,300 = $1,178,100 + _2,072,200________ • (Ex 1-8) Indicate whether each of the following is identified with an asset, a liability or owner’s equity. • Accounts Payable _liability_______________ • Cash ______assets___________________ • Fees Earned ______owners equity_____________ • Land _______assets__________________…show more content…
B: Identify each as an Asset, Liability, Owner’s Equity, Revenue or Expense Account. • Accounts Payable ___balance sheet_ liabilities___________ _______________ • Air Traffic Liability __balance sheet______liabilities_______________ • Aircraft Fuel Expense ___income statement __expense________ • Cargo and Mail Revenue ___income statement ___revenue • Commissions Expense income statement ___expense • Flight Equipment _balance sheet ______assets • Landing Fees Expense __income statement __expense • Passenger Revenue ___income statement _ ___revenue • Purchase Deposits for Flight Equipment _______________ _______________ • Spare Parts Supplies __balance sheet_____________ ___assets_____ Ex. 2-5: During the month, Gates Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries ONLY, (b) credit entries ONLY or (c) both debit and credit. • Accounts Payable __B________ • Accounts Receivable ___A_______ • Cash ____A______ • Fees Earned _____B_____ • Insurance Expense

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