Question 1

Ace Accountings financial records include the following accounts:

• Advertising Expense
• Accounts Payable
• Andy Ace, Withdrawals
• Cash
• Software
• Rent Expense
• Bank Loan
• Accounting Service Revenue
• Accounts Receivable
• Andy Ace, Capital
• Office Furniture
• Salary Expense

Required:

1. Determine if the above accounts are assets (A), liabilities (L), owners equity (OE), revenue (R), or expense (E) accounts.