Which, if any, of the following transactions are assets, liabilities, income, or expense items? Some items will appear on both statements.

a. Harrison rents a house for $1,350 a month.

b. On June 21, 2016, Harrison bought diamond earrings for his wife and charged them using his Master Card. The earrings cost $900, but he hasn't yet received the bill.

c. Harrison borrowed $3,500 from his parents last fall, but so far, he has made no payments to them.

d. Harrison makes monthly payments of $225 on an installment loan, about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling $4500.

e. Harrison paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn't yet received.

f. Harrison invested $2,300 in some common stock.

g. Harrison's Aunt June gave him a birthday gift of $300.

A matrix below may help in organizing your answers

Asset

Liability

Income

Expense

a. Rent paid

b. Earrings

c. $3500 loan

d. Payments

e. Taxes

f. Common Stock

g. Aunt June