Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity. In the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Accounts Related Transactions Provide services on account Purchase land Pay rent in advance. 1 Accounts Receivable 2 Land 3. Prepaid Rent 4 Salaries Expense Pay employee salanes 5. Utilities Expense Pay utilities Account Classifications Asset 6. Service Revenue 7 Accounts Payable 8 Notes Payable 9 Dividends 10. Common Stock Provide services to customers Purchase materials on account. Borrow from the bank Distribute cash to stockholders Issue stock to stockholders Dividend Show All Items