The following accounts appear on the worksheet of Giddy's Craft Store at December 31, 2013. Indicate the
Question:
SECTIONS OF CLASSIFIED BALANCE SHEET
a. Current Assets
b. Plant and Equipment
c. Current Liabilities
d. Long-Term Liabilities
e. Owner's Equity
ACCOUNTS
1. Accounts Receivable
2. Delivery Van
3. Prepaid Insurance
4. Notes Payable, due 2014
5. Store Supplies
6. Accounts Payable
7. Merchandise Inventory
8. Ray Lynch, Capital
9. Cash
10. Unearned Subscriptions Income
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Classifying the income statement items 1 Accounts receivable Current assets 2 Del...View the full answer
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Related Book For 
College Accounting A Contemporary Approach
ISBN: 978-0073396958
2nd edition
Authors: David Haddock, John Price, Michael Farina
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