Classify each of the following items as assets (A), liabilities (L), or equity (EQ). 1. Land2. Owner, Capital3. Equipment4. Accounts payable5. Accounts receivable6. Supplies

Name: Classify each of the following items as assets (A), liabilities (L), o
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Classify each of the following items as assets (A), liabilities (L), or equity (EQ). 1. Land2. Owner, Capital3. Equipment4. Accounts payable5. Accounts receivable6. Supplies

Answered: 1. Land 2. Owner, Capital 3. Equipment…

Business

Accounting

1. Land 2. Owner, Capital 3. Equipment 4. Accounts payable 5. Accounts receivable 6. Supplies

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 3MC: To purchase an asset such as office equipment on account, you would credit which account? (a) Cash...

See similar textbooks

Similar questions

Which of these statements is not one of the financial statements? A. income statement B. balance sheet C. statement of cash flows D. statement of owner investments
To purchase an asset such as office equipment on account, you would credit which account? (a) Cash (c) Accounts Payable (b) Accounts Receivable (d) Capital
The balance sheet lists which of the following? A. assets, liabilities, and owners equity B. revenues, expenses, gains, and losses C. assets, liabilities, and investments by owners D. revenues, expenses, gains, and distributions to owners
"Classify each of the following items as assets (A), liabilities (L), or equity (EQ). _____ 1. Land _____ 2. Owner, Capital _____ 3. Equipment _____ 4. Accounts payable _____ 5. Accounts receivable _____ 6. Supplies"
Could you tell me if the following Accounts are Assets, Liabilities or Equity?1) Accounts Receiveable2) Smith, Capital3) Wages, Payable4) Cash5) Interest Receivable6) Taxes Payable7) Smith, Drawings8) Retained Earnings9) Buildings10) Land
1. Which of the following is an element of a statement of comprehensive income? a. Cash b. Revenues c. Accounts Receivable d. Unearned Income 2. Which of the following is an element of a statement of comprehensive income? a. Cash equivalents b. Professional fees c. Nena, Capital d. Magno, Drawing
Identify each of the following as (a) a current asset or (b) property, plant, and equipment:1. Accounts Receivable2. Building3. Cash4. Land5. Prepaid Insurance6. Supplies
1.Examples may include salaries, utilities, rent, insurance, and office supplies? A.Revenue B.Expense C.Net Income D.Net Loss 2.This document communicates what the entity owns in terms of assets, what it owes in the terms of liabilities, and the difference between those two which represents what the owners o the company are entitled to. A.Income Statement B. Balance Sheet
1. The sources of money generated by the sale of products or services. A. Revenue B.Expenses C.Net Income D. Net Loss 2. Examples may include salaries, utilities, rent, insurance, and office supplies. A. Revenue B. Expense C. Net Income D. Net Loss 3. This document communicates what the entity owns in terms of assets, what it owes in the terms of liabilities, and the difference between those two which represents what the owners o the company are entitled to. A.Income Statement B. Balance Sheet
According to which concept all the transactions are measurable in the terms of money arerecorded in accounts?[A] business entity concept[B] going concern concept[C] money measurement concept[D] accounting period concept
Give a sample problem of1. Accounts Payable2. Note Payable 2.1 interest bearing, for cash 2.2. interest bearing, for acquisition of property
Enter the number for the item that best completes each of the descriptions below. 1. Asset 2. Equity 3. Account 4. Liability 5. Three a. Balance sheet accounts are arranged into general categories. b. Owner, Capital and Owner, Withdrawals are examples of accounts. c. Accounts Payable and Note Payable are examples of accounts. d. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of accounts. e. A(n) is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.