Following the account titles is a description of accounts. to the proper description by placing the appropriate letter by the account Match each account name. Titles Answer 1. Accounts payable 2. Accounts receivable 3. Accrued liabilities 4. Organizational Costs 5. Cash 6. Common stock 7. Deferred income taxes (liability) 8. Equipment 9. Inventory TI||||||| Problem Four - Continued 10. Land 11. Marketable securities 12. Minority interest 13. Paid in capital in excess of par 14. Retained earnings 15. Treasury stock Account Descriptions Stocks and bonds of other companies held for the purpose of exercising control. A. B. Legal costs incurred when a business is Intangible Asset - organized. C. Outside owmership in the equity of consolidated subsidiaries. Machinery and tools, valued at historical cost. Monies due because expenses, such as salaries, are incurred in a different period than the cash outlay occurs. F. D. E. The most liquid of current assets. Goods on hand. A potential lfability created by differing tax and financial (GAAP) reporting methods. I. G. . Ownership and debt instruments readily converted to cash. J. An expenditure made in advance of the use of the service or good. K. Monies due from customers arising from sale or service rendered. L. The par value of capital stock. M. Bonds which can be exchanged for stock at the option of the holder. Undistributed earnings of the corporation. Shares of the firm's own stock which have been repurchased. Monies due for goods bought for use or resale. Excess over legal par paid at time of sale. Non-depreciable real estate. Collections in advance of services provided. Securities which give the holder the right to buy additional shares of common stock at a fixed price. N. 0. P. Q. R. S. . T|||||