Response to the following questions:
1. Identify examples of accounting source documents.
2. Explain the importance of source documents.
3. Identify each of the following as either an asset, a liability, or equity: (a) Prepaid Rent, (b) Unearned Fees, (c) Building, (d) Wages Payable, and (e) Office Supplies.
4. What is an account? What is a ledger?
5. What determines the number and types of accounts a company uses?
6. Does debit always mean increase and credit always mean decrease?
7. Describe a chart of accounts.