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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

ACCOUNTING ELEMENTS Label each of the following accounts as an asset (A), liability (L), or owner’s equity (OE) using the following format.

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To determine

Label each of the following accounts as an asset (A), Liability (L), or owners’ equity (OE).

Explanation

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relation between resources or assets of a business and claims on the resources by the creditors, and the owners.

The three primary elements of accounting equation are explained below:

  • Assets: These are the resources owned and controlled by business and used to produce benefits for the company. Assets are classified on the balance sheet as current assets, non-current assets, property, plant, and equipment, and intangible assets.
  • Liabilities: The claims creditors have over assets or resources of a company are referred to as liabilities. These are the debt obligations owed by company to creditors. Liabilities are classified on the balance sheet as current liabilities and long-term liabilities.
  • Owners’ equity: The claims of owners on a company’s resources, after the liabilities are paid off, are referred to as stockholders’ equity...

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