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.

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Cash Prepaid Asset Investments Taxes Payable Preferred Stock Accounts Receivable Land Accounts Payable Retained Earnings Notes Receivable Buildings Notes Payable Common 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