Dear students Directions: Categorize each account as an 1. Asset, Liability, or

Question

Dear students Directions: Categorize each account as an 1. Asset, Liability, or Stockholders' equity account. 2. If it's in the Balance Sheet, Income Statement, or Statement of Retained Earnings. Lastly, define each account. than two sentences, if possible. 3. Definition should not be longer Chart of accounts (reference numbers are assigned) Assets Cash Accounts Receivable Prepaid rent Prepaid insurance Supplies Inventory Short-term promissory note receivable Equipment Land Long-term promissory note receivable Accounts payable Unearned revenue Salaries and wages payable Income tax payable Interest payable Short-term promissory note payable Long-term promissory note payable 3 FI F2 FS

Explanation / Answer

Answer =1   Answer =2 Answer =3 Assets   Classification BS/IS/SRE Define Current Assets : Cash   Assets Balance Sheet Cash is a currency of the country available in the business Account Receivable   Assets Balance Sheet Balance Receivable against credit sales in business Prepaid Rent   Assets Balance Sheet Advance rent paid but expenses not accrued Prepaid insurance   Assets Balance Sheet Insurance paid in advance Supplies   Assets Balance Sheet Supplies avaialble in business Inventory Assets Balance Sheet inventory in hand for use in business Short - Term Promissiory Note Receivable   Assets Balance Sheet Promissory note received but not due for payment Long Term Assets Equipment   Assets Balance Sheet This is an fixed assets of the organization Land   Assets Balance Sheet Land is purchased for business Long - Term Promissiory Note Receivable   Assets Balance Sheet Promissory note received but not due for payment Liabilities Current Liabilities   Account payable   Liabilities Balance Sheet Material purchase of credit it means cash is not paid yet Unearned Revenue   Liabilities Balance Sheet Cash is received but revenue is not earned because of not supplied the work or services Salaries and wages payable   Liabilities Balance Sheet Salaries accrued but not paid Income Tax Payable   Liabilities Balance Sheet Income tax due for payment Interest Payable   Liabilities Balance Sheet Interest is due for payment but not paid Short - Term Promissiory Note Payable   Liabilities Balance Sheet Promissory note Paid but not due for payment Long Term Liabilities Long - Term Promissiory Note Payable   Liabilities Balance Sheet Promissory note Paid but not due for payment Stockholder's Equity: Common Stock   Stockholder's Equity Account Balance Sheet Investment value of the promoters of business Retained Earnings Stockholder's Equity Account Balance Sheet Cumulative balance of income statement after meet all expenses Dividends Stockholder's Equity Account Balance Sheet Amount paid to common shareholders against there investment Revenue Sales Revenue   Revenue Income Statement This is a revenue of the organization Service Revenue   Revenue Income Statement This is a revenue of the organization Interest Revenue   Revenue Income Statement This is a revenue of the organization Expenses Salaries and wages Expenses Expenses Income Statement This is an expenses incurred against revenue generated Utilities Expenses Expenses Income Statement This is an expenses incurred against revenue generated Rent Expenses Expenses Income Statement This is an expenses incurred against revenue generated Advertising Expenses Expenses Income Statement This is an expenses incurred against revenue generated Depreciation Expenses Expenses Income Statement This is an expenses incurred against revenue generated Supplies Expenses Expenses Income Statement This is an expenses incurred against revenue generated Interest Expenses Expenses Income Statement This is an expenses incurred against revenue generated Income Tax Expenses Expenses Income Statement This is an expenses incurred against revenue generated

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