1. Basic concepts. Jean\'s Marine Supply specializes in the sale of boating equi

Question

1. Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and acces-sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint. a. The inventory of boating supplies owned by the company. b. Monthly rental charges paid for store space. c. A loan owed to Citizens Bank. d. New computer equipment purchased to handle daily record keeping. e. Daily sales made to customers. f. Amounts due from customers. g. Land owned by the company to be used as a future store site. h. Weekly salaries paid to salespeople.

Explanation / Answer

a) A b) E c) L d) A e) R f) R g) A h) E

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