The following accounts appear in an adjusted trial balance of Hampshire Consulting. Indicate whether each account would

Question:

The following accounts appear in an adjusted trial balance of Hampshire Consulting.
Indicate whether each account would be reported in the

(a) Current asset;

(b) Property, plant, and equipment;

(d) Long-term liability; or

(e) Owner’s equity section of the December 31, 2013, balance sheet of Hampshire Consulting.
1. Building
2. Jessica Kountz, Capital
3. Notes Payable (due in 2020)
4. Prepaid Rent
5. Salaries Payable
6. Supplies
7. Taxes Payable
8. Unearned Service Fees

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...