The following accounts appear on the worksheet of Heritage Crafts at December 31, 2019 Indicate the section of the classified balance sheet in which each account will be reported SECTIONS OF CLASSIFIED BALANCE SHEET a Current Assets b Plant and Equipment c Current Liabilities d Long Term Liabilitie...

1 Accounts Receivable a 11 Notes Receivable due 2020 a 2 Delivery Van b 12 Accum De ...

The following accounts appear on the worksheet of Heritage Crafts at December 31, 2019. Indicate the section

Question:

The following accounts appear on the worksheet of Heritage Crafts at December 31, 2019. Indicate the section of the classified in which each account will be reported.
SECTIONS OF CLASSIFIED Current Assets
b. Plant and Equipment
c. Current Liabilities
d. Long-Term Liabilities
e. Owner's Equity
ACCOUNTS
1. Delivery Van
3. Prepaid Insurance
4. Notes Payable, due 2025
5. Store Supplies
6. Merchandise Inventory
8. David Stafford, Capital
9. Cash
10. Unearned Subscriptions Income
11. Notes Receivable, due 2020
12. Accumulated Depreciation-Delivery Van
13. Notes Payable, due 2020
14. David Stafford, Drawing
15. Interest Payable
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...