Identify the normal balance for each of the following accounts by placing a Dr. (debit) or a Cr. (credit) in the space provided
________ 1. Computer
________ 2. M. Bryant, Withdrawals
________ 3. M. Bryant, Capital
________ 4. Legal Fees Earned
________ 5. Cash
________ 6. Accounts Receivable
________ 7. Accounts Payable
________ 8. Rent Expense
________ 9. Office Equipment
________ 10. Supplies
Fill in the blank with the appropriate word.
Answer:
1. Dr.
2. Dr.
3. Cr.
4. Cr.
5. Dr.
6. Dr.
7. Cr.
8. Dr.
9. Dr.
10. Dr.
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The statute of limitations for a tax return is normally 4 years
a. true b. false
Jack, a return preparer, did not retain copies of all returns that he prepared but did keep a list that reflected the taxpayer's name, identification number, tax year, and type of return for each of his clients. Which of the following statements best describes this situation?
A. Jack is in compliance with the provisions of the tax code if he retains the list for a period of 1 year after the close of the return period in which the return was signed. B. Jack is in compliance with the provisions of the tax code, provided he retains the list for a 3-year period after the close of the return period in which the return was signed. C. Jack is not in compliance with the tax code since he must retain copies of all returns filed. D. Jack is not in compliance with the tax code since he has not kept all the information required by the Code.