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Category: Accounting
Normal Account Balances for Vail Resorts Each account has a normal balance. Classify each of the following items found on Vail Resorts' 2014 financial statements included in the Form 10-K for the year ended July 31, 2014, according to (1) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders' equity (SE) item and (2) w...
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Category: Accounting
Debits and Credits The new bookkeeper for Darby Corporation is getting ready to mail the daily cash receipts to the bank for deposit. Because his previous job was at a bank, he is aware that the bank ''credits'' an account for all deposits and ''debits'' an account for all checks written. Therefore, he makes the following entry before sending the d...
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Category: Accounting
Balance Sheet Accounts and Their Use Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account. An account title may be used more than once or not at all. Cash 1. A written obligation to repay a fixed amount, with interest, at some time in the future Prepaid A...
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Category: Accounting
Types of Events For each of the following events, identify whether it is an external event that would be recorded as a transaction (E), an internal event that would be recorded as a transaction (I), or not recorded (NR). A vendor for a company's supplies is paid an amount owed on account. A customer pays its open account. A new chief executive offi...
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Category: Accounting
Source Documents Matched with Transactions Following are a list of source documents and a list of transactions. Indicate by letter next to each transaction the source document that would serve as evidence for the recording of the transaction. Source Documents Transactions a. Purchase invoice 1. Utilities expense for the month is recorded. b. Sales ...
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