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Problem 3 - 6 A ( Algo ) Determining balance sheet classifications LO C 2 Common categories of a classified balance sheet include Current Assets,

Problem 3-6A (Algo) Determining balance sheet classifications LO C2
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance sheet, indicate that instead.
\table[[Account Title,Classification,Account Title],[1. Trucks,,11. Office supplies],[2. Mortgages payable (due in 6 years),,12. Salaries payable],[3. Automobiles,,13. Merchandise inventory],[4. Notes payable (due in 3 years),,14. Supplies],[5. Utilities expense,15. Rental revenue,],[6. Services revenue,16. Unearned revenue,],[7. Notes receivable (due in 2 years),17. Accounts receivable,],[8. Interest payable (due in 1 week),18. Accounts payable,],[9. Long-term investment in stock,,19. Short-term investments],[10. Wages payable,,20. Taxes payable (Due in 5 weeks)]]
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