Identify each of the following items relating to sections of a balance sheet as Current Assets (CA),
Question:
a. Accounts Payable
b. Equipment
c. Accounts Receivable
d. Prepaid Insurance
e. Mortgage Payable (current)
f. Office Supplies
g. Mortgage Payable (due in 3 years)
h. Unearned Rent
i B. Marley, Capital
j. Notes Payable (due in 3 months)
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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