Label each of the following accounts as asset (A), liability (L), owners equity (OE), revenue (R), or
Question:
a. Office Supplies
b. Professional Fees
c. Prepaid Insurance
d. R. Baker, Drawing
e. Accounts Payable
f. Service Income
g. R. Baker, Capital
h. Rent Expense
i. Accounts Receivable
j. Wages
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...
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Related Book For 
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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