Activity 1 Instructions: ldentify each of the following accounts as an asset, Liability or Equity. ACCOUNTS Owner's Drawing Note's Payable Office Equipment Mortgage Payable Delivery Equipment Accounts Payable Deposit for Utility DESCRIPTION OF THE ACCOUNTS CLASSIFICATION Cash withdrawn by owner A written promise to pay the supplier Fax machine A loan collateral is given to the creditor Cars purchased for use in the business Money, owed to suppliers Deposit made for telephone service

Activity 1 Instructions: ldentify each of the following accounts as an asset, Liability or Equity. ACCOUNTS Owner's Drawing Note's Payable Office Equipment Mortgage Payable Delivery Equipment Accounts Payable Deposit for Utility DESCRIPTION OF THE ACCOUNTS CLASSIFICATION Cash withdrawn by owner A written promise to pay the supplier Fax machine A loan collateral is given to the creditor Cars purchased for use in the business Money, owed to suppliers Deposit made for telephone service

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 6E: Label each of the following accounts as asset (A), liability (L), owners equity (OE), revenue (R),...

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