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Week 2 Practice Solution

This document lists 26 ledger accounts for Tsz Yeung Printers and provides a template to identify the type of each account (asset, liability, equity, revenue, or expense), whether increases are recorded by debit or credit, and the normal balance side for each account. It then provides the accounts and asks to complete the template by indicating the type of each account, how increases are recorded, and the normal balance side. The accounts include assets like accounts receivable, liabilities like accounts payable, equity like capital, revenues, and expenses.

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alexandra
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56 views

Week 2 Practice Solution

This document lists 26 ledger accounts for Tsz Yeung Printers and provides a template to identify the type of each account (asset, liability, equity, revenue, or expense), whether increases are recorded by debit or credit, and the normal balance side for each account. It then provides the accounts and asks to complete the template by indicating the type of each account, how increases are recorded, and the normal balance side. The accounts include assets like accounts receivable, liabilities like accounts payable, equity like capital, revenues, and expenses.

Uploaded by

alexandra
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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PRACTICE SOLUTIONS

Problem 3.15 Identifying type of account, debit/credit analysis and normal balance
[Modified]
Tsz Yeung Printers ledger accounts are listed below:

1. Accounts Payable 14. Mortgage Payable


2. Accounts Receivable 15. Prepaid Insurance
3. Buildings 16. Printing Equipment
4. Cash at Bank 17. Rent Revenue
5. Electricity Account Payable 18. Service Fee Revenue
6. GST Payable 19. Sundry Revenue
7. GST Receivable 20. Supplies on Hand
8. Insurance Expense 21. Supplies Used
9. Interest Expense 22. Tsz Yeung, Capital
10. Interest Receivable 23. Tsz Yeung, Drawings
11. Interest Revenue 24. Unearned Revenue
12. Land 25. Wages Expense
13. Loan Payable 26. Wages Payable

Required
For each account listed below, complete a solution form as shown below by placing a tick in the proper columns
to indicate the type of account, the side of a T account on which increases are recorded, and the side on which
normal balances are recorded.

A.
Type of Account Increases Normal
Account Names balance
Asset Liability Equity Revenue Expenses Debit Credit Debit Credit

1. Accounts Payable   
2. Accounts Receivable   
3. Buildings   
4. Cash at Bank   
5. Electricity Acc Payable.   
6. GST Payable   
7 GST Receivable   
8. Insurance Expense   
9. Interest Expense   
10. Interest Receivable   
11. Interest Revenue   
12. Land   
13. Loan Payable   
14. Mortgage Payable   
15. Prepaid Insurance   
16. Printing Equipment   
17. Rent Revenue   
18. Service Fee Revenue   
19. Sundry Revenue   
20. Supplies on Hand   
21. Supplies Used   
22. Tsz Yeung, Capital   
23. Tsz Yeung, Drawings   
24. Unearned Revenue   
25. Wage Expense   
26. Wages Payable   

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