Question: Below are the titles of a number
Below are the titles of a number of debit and credit accounts as they might appear on the balance sheet of Hayduke Corporation as of October 31, 2012.
Instructions
Select the current asset and current liability items from among these debits and credits. If there appear to be certain borderline cases that you are unable to classify without further information, mention them and explain your difficulty, or give your reasons for making questionable classifications, if any.
Transcribed Image Text:
Debits Credits Interest Receivable on U.S. Government Preferred Stock Securities 11% First Mortgage Bonds, due in 2017 Preferred Cash Dividend, payable Nov. 1, 2012 Notes Receivable Petty Cash Fund Debt Investments (trading) Treasury Stock Unamortized Bond Discount Allowance for Doubtful Accounts Receivable Federal Income Taxes Payable Customers' Advances (on contracts to be completed next year) Cash in Bank Premium on Bonds Redeemable in 2012 Land Inventory of Operating Parts and Supplies Inventory of Raw Materials Officers' 2012 Bonus Accrued Accrued Payroll Notes Payable Interest Expense Accumulated Depreciation Accounts Payable Paid-in Capital in Excess of Par Accrued Interest on Notes Payable 8% First Mortgage Bonds, to be redeemed in 2012 Patents Cash and U.S. Government Bonds Set Aside for Property Additions Investment in Subsidiary Accounts Receivable: U.S. Government Contracts Regular Installments-Due Next Year out of current assets Installments- Due After Next year Goodwill Inventory of Finished Goods Inventory of Work in Process Deficit
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