Balance Sheet Accounts and Their Use Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account. An account title may be used more than once or not at all.
Cash Accounts Receivable Notes Receivable
Prepaid Asset Land Buildings
Investments Accounts Payable Notes Payable
Taxes Payable Retained Earnings Common Stock
Preferred Stock
___________________________ 1. A written obligation to repay a fixed amount, with interest, at some time in the future
___________________________ 2. Twenty acres of land held for speculation
___________________________ 3. An amount owed by a customer
___________________________ 4. Corporate income taxes owed to the federal government
___________________________ 5. Ownership in a company that allows the owner to receive dividends before common shareholders receive any distributions
___________________________ 6. Five acres of land used as the site for a factory
___________________________ 7. Amounts owed on an open account to a vendor, due in 90 days
___________________________ 8. A checking account at a bank
___________________________ 9. A warehouse used to store equipment
__________________________ 10. Claims by the owners on the undistributed net income of a business
___________________________11. Rent paid on an office building in advance of use of the facility