Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Identify if the account is a Asset, Liability, Equity, Expense or Income. Question 1 options: 12345 Notes Payable 12345 Commission Received 12345 Revenue from Transactions

Identify if the account is a Asset, Liability, Equity, Expense or Income.

Question 1 options:

12345

Notes Payable

12345

Commission Received

12345

Revenue from Transactions

12345

Cash with Business

12345

Office Supplies

12345

Unpaid Salary

12345

Vehicle Repair Expenses

12345

Prepaid Rent (Paid in Advance)

12345

Owner's Money (Capital) in Business

12345

Advertisement Payments

12345

Insurance Claim from Provider

12345

Money Receivable from a Person

12345

Discount given to Customer

12345

Equity of Partner in Business

12345

Utilities Expenses

12345

Copyrights on a Lyrics

12345

Machine Parts

12345

Interest Payment

12345

Land for Business

12345

Depreciation in Building Value

12345

Profit to Business

12345

Property Taxes

12345

Garage Machine

12345

Loan from Bank

12345

Insurance Payments

12345

Loan Bonds Payable to People

12345

Mortgage Loan on House

12345

Salary to Employee

12345

Rent Received

12345

Equipment for Manufacturing

Step by Step Solution

3.31 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

Heres the classification of each account 1 Notes Payable Liability 2 Commission Received Income 3 Re... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Part 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

6th Canadian edition

1118306783, 978-1118728918, 1118728912, 978-1118306789

More Books

Students also viewed these Finance questions