Account classifications include assets, liabilities, stockholders equity, dividends, revenues, and expenses. Required: For each transaction, indicate whether

Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses.

Required:
For each transaction, indicate whether the related account would be classified as an (a) asset, (b) liability, or (c) stockholders’ equity to be reported in the balance sheet; a (d) revenue or (e) expense to be reported in the income statement; or an (f) dividend to be reported in the statement of stockholders’equity.

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Account Classifications Accounts Related Transactions Common stock Equipment Salaries payable Service revenue Utilities expense Supplies Research and development expense Land Income tax payable Interest payable Sale of common stock to investors. Equipment used for operations. Amounts owed to employees. Sales of services to customers. Cost of utilities Purchase of office supplies. Cost of research and development. 2. Property used for operations. Amounts owed to the IRS for taxes. Amount of interest owed on borrowing. 10