Accounting Review

1. Record the type of account beside each of the following.

Either Asset, Liability, OE, Revenue or Expense.

Mortgage Payable

Advertising

Furniture

Express Co. (creditor)

Automobile

Salaries

Revenue

Heat and Water

Accounts Payable

Bank

Sale of Computers

J. Loony (debtor)

Land

Building

K. Fields, Capital

Rent

Accounts Receivable

Asset, Liability, OE, Revenue or Expense/n2. Fill in the missing amounts for each of the following income statement equations:

REVENUE

EXPENSES

NET INCOME/LOSS

a) $13,500

b)

$76,000

이

$12,000

a) Revenue

$1,350

REVENUES - EXPENSES = NET INCOME OR NET LOSS

b) Revenue

3. Complete the following be putting in the correct symbols:

< less than > greater than

$57,300

$13,000

Expenses =>

Expenses Net Income

_Expenses = Net Loss

4. Explain what the difference is between Revenue, Gross Profit and Income. Describe or

give a definition of each term and then show how they are connected within the

Income Statement./nFinancial Statements

Given the following accounts and balances, create a Balance Sheet and Income Statement for Freddie Mercury's

'Music 4 Life Inc." for the month ended October 31, 2020.

Please complete the two on spreadsheet and share it with me.

A. Rose (creditor)

Advertising

Automobile

Bank

Bank Loan

Building

Cost of CD's

Cost of Records

D. Bowie (debtor)

F. Mercury, Capital

Furniture

J. Hendrix (creditor)

Land

Mortgage Payable

Office Equipment

S. Tyler (debtor)

of CD's

Sale

Sale of Records

Supplies

Supplies Expense

Telephone

Wages

367000 82000-449000 2470=451470

3 600

6 000

37 000

11 000

12 000

185 000

86 500

28 000

1300

????

1800

182 000

45 800

6 200

570

85 000

52 000

1900

500

8 400

17 800