QUESTION 12

1. For each of the following items below, classify as either:
3. CURRENT ASSET
4. LONG TERM ASSET
5. CURRENT LIABILITY
6. LONG TERM LIABILITY
7. EQUITY
8. N/A - Not Applicable
10. NOTE: Classify Revenue and Expense items as EQUITY.
13. Assume business is a sole proprietorship: Al's Lawn Cutting Service.
15. 1)Accountspayable
16. 2)Assistant's salary
17. 3) Drawings / Withdrawals
18. 4) Prepaid Expenses
19. 5)Unearned Revenue
20. 6)Business Logo
21. 7)Lawn Cutting Service Fees
22. 8)Al's Comic Book Collection
23. 9)Interest earned on a Business Bank savings account
24. 10)Cash in Al's personal bank account
25. 11)Utilities payable
26. 12)Computer Equipment used in business
27. 13)Inheritance received from Al's uncle
28. 14)Al's OLG Winnings at the Casino
29. 15)Trailer that carries the lawn cutting equipment
30. 16)A 5 year truck loan for truck that tows the Trailer. Loan matures in 3 months
31. 17)Supply parts for the Truck and Trailer
32. 18)Groceries in Al's kitchen
33. 19)Gasoline for the Lawn Mower
34. 20)Interest paid on Al's fishing boat loan