Preliminary course. Classify each of thefollowing accounts as an asset, liability,equity, revenue or expense.a Sales.b Cost of goods sold.Accounts receivable.d Lease.e Mortgage loan.f Inventory or stock.g Advertising.h Interest paid on loans.iBank overdraft.j Company car.k Equipment.I Land and buildings.m Owners' capital.n Accounts payable.Tax on net profit.p Telephone.q Accountant's fees.Wages.Cash.t Insurance.Retained profits.v Debentures.

Name: Preliminary course. Classify each of thefollowing accounts as an asse
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Description: Preliminary course. Classify each of thefollowing accounts as an asset, liability,equity, revenue or expense.a Sales.b Cost of goods sold.Accounts receivable.d Lease.e Mortgage loan.f Inventory or stock.g Advertising.h Interest paid on loans.iBank o

let's understand some basics Expenses= An expense is the cost of operations that a company incurs to…

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Preliminary course. Classify each of the following accounts as an asset, liability, equity, revenue or expense. a Sales. b Cost of goods sold. c Accounts receivable. Lease. e Mortgage loan. f Inventory or stock. g Advertising. Interest paid on loans. Bank overdraft. j Company car. k Equipment. Land and buildings. m Owners' capital. Accounts payable. Tax on net profit. p Telephone. q Accountant's fees. Wages. Cash. Insurance. Retained profits. Debentures.

Preliminary course. Classify each of the following accounts as an asset, liability, equity, revenue or expense. a Sales. b Cost of goods sold. c Accounts receivable. Lease. e Mortgage loan. f Inventory or stock. g Advertising. Interest paid on loans. Bank overdraft. j Company car. k Equipment. Land and buildings. m Owners' capital. Accounts payable. Tax on net profit. p Telephone. q Accountant's fees. Wages. Cash. Insurance. Retained profits. Debentures.

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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