Basic Accounting

I – Identify the following accounts as A. Assets, Liabilities, Capital , Revenue, Expense, Other
Income
B. Debit or Credit C. Nominal or Real account

1. Prepaid expense
2. Accrued expense
3. Freight in charges
4. Bank charges
5. Owner’s Equity
6. Representation expense
7. Dividend Income
8. Marketable Securities
9. Notes payable
10. Interest expense
11. Furniture and fixtures
12. Taxes and licenses
13. Short term loan
14. Retained Earnings
15. Advertising and promotions

II
The following account balances appear in the general ledger of EMS
Corporation, an excavation company, as of May 31, 2013.

Account Title Balance

Licences and Taxes expense 4,000.00
Notes receivables 15,000.00
Office expense 3,500.00
Rent expense 8,000.00
Office equipment 19,700.00
Accounts payable 12,500.00
Accounts receivable 21,000.00
Capital 327,000.00
Supplies Inventory 30,000.00
Cash on hand 5,000.00
Cash in bank 50,000.00
Cleaning equipment 200,000.00
Insurance expense 1,500.00
Notes payable 20,000.00
Delivery truck 78,000.00
Cleaning supplies used 21,000.00
Utilities expense 5,000.00
Salaries and wages expense 48,000.00
Gas and oil expense 8,900.00
Revenue 59,100.00

Required : Arrange the account titles as to how it will appear on a

Trial Balance

Final Examination *Property of STI

SY 2016– 20171sr Semester
M. Oning
 Basic Accounting

God Bless

Final Examination *Property of STI

SY 2016– 20171sr Semester
M. Oning