Financial Statement Items Identify each of the following items as (a) an asset,

Question

Financial Statement Items

Identify each of the following items as (a) an asset, (b) a liability, (c) revenue, (d) an expense, or (e) a dividend:

1. Amounts due from customers

2. Amounts owed suppliers

3. Cash on hand

4. Cash paid to stockholders

5. Cash sales

6. Equipment

7. Note payable owed to the bank

8. Rent paid for the month

9. Sales commissions paid to salespersons

10. Wages paid to employees

1. Amounts due from customers

2. Amounts owed suppliers

3. Cash on hand

4. Cash paid to stockholders

5. Cash sales

6. Equipment

7. Note payable owed to the bank

8. Rent paid for the month

9. Sales commissions paid to salespersons

10. Wages paid to employees

Explanation / Answer

1.a - asset

2.b - liability

3.a - asset

4.e - dividend

5.c - revenue

6.a - asset

7.b - liability

8.d - expense

9.d - expense

10.d - expense

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