Match the followings by pairing them together. Each answer can be chosen ONLY ONCE.

Revenue is closed to the

Answer 1...Income Summary accountBook ValueLowest net incomeA current liability accountNet realizable valueA contra asset accountThe highest net incomeAn intangible asset accountOwner's capital accountAccrued expense account

Salaries payable is considered a

Answer 2...Income Summary accountBook ValueLowest net incomeA current liability accountNet realizable valueA contra asset accountThe highest net incomeAn intangible asset accountOwner's capital accountAccrued expense account

A patent is classified as

Answer 3...Income Summary accountBook ValueLowest net incomeA current liability accountNet realizable valueA contra asset accountThe highest net incomeAn intangible asset accountOwner's capital accountAccrued expense account

Unearned revenue is

Answer 4...Income Summary accountBook ValueLowest net incomeA current liability accountNet realizable valueA contra asset accountThe highest net incomeAn intangible asset accountOwner's capital accountAccrued expense account

When prices are rising, LIFO inventory costing produces

Answer 5...Income Summary accountBook ValueLowest net incomeA current liability accountNet realizable valueA contra asset accountThe highest net incomeAn intangible asset accountOwner's capital accountAccrued expense account

When prices are rising, FIFO inventory costing produces

Answer 6...Income Summary accountBook ValueLowest net incomeA current liability accountNet realizable valueA contra asset accountThe highest net incomeAn intangible asset accountOwner's capital accountAccrued expense account

Owners drawing is closed to the

Answer 7...Income Summary accountBook ValueLowest net incomeA current liability accountNet realizable valueA contra asset accountThe highest net incomeAn intangible asset accountOwner's capital accountAccrued expense account

Cost minus accumulated depreciation is called

Answer 8...Income Summary accountBook ValueLowest net incomeA current liability accountNet realizable valueA contra asset accountThe highest net incomeAn intangible asset accountOwner's capital accountAccrued expense account

Allowance for doubtful accounts is considered a

Answer 9...Income Summary accountBook ValueLowest net incomeA current liability accountNet realizable valueA contra asset accountThe highest net incomeAn intangible asset accountOwner's capital accountAccrued expense account

Accounts receivable are shown in the balance sheet at