6/5/23, 11:46 AM Chapter 01 E1-7 Accounting in Business

Chapter 01 E1-7 Accounting in Business

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Sharmila Manoharan

Chapter 01 - Accounting in Business 27 of 37 points

Classifying accounts LO6

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6/5/23, 11:46 AM Chapter 01 E1-7 Accounting in Business

Kate is having a difficult time differentiating all of the account names, If she is *
creating a study sheet by categorizing all of the following accounts, identify the
headings which will be corresponding to the accounts listed.

Statement
Assets Liabilities Revenue Expenses
of
(Balance (Balance (Income (Income Score
Changes
Sheet) Sheet) Statement) Statement)
in Equity

Accounts
1/1
Payable

Accounts
1/1
Receivable

Advertising
1/1
Expanse

Insurance
1/1
Expense

Owner’s
Capital,
0/1
Beginning
Balance

Interest
0/1
Payable

Prepaid
1/1
Expenses

Interest
1/1
Expense

Withdrawals 0/1

Prepaid Rent 0/1

Vehicle
0/1
Expenses

Furniture 1/1

Salaries
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6/5/23, 11:46 AM Chapter 01 E1-7 Accounting in Business

Expense
Salaries
1/1
Expense
Service
Revenue
Service
0/1
Revenue
Other
Expenses
Other
1/1
Expenses
Interest
Income
Interest
1/1
Income
Cash
Cash 1/1
Telephone
Expense
Telephone
1/1
Expense
Investment
by Owner
Investment
0/1
by Owner
Wages
Expense
Wages
1/1
Expense
Fuel
Expense
Fuel
1/1
Expense
Notes
Payable
Notes
1/1
Payable
Merchandise
Inventory
Merchandise
1/1
Inventory
Utilities
Expense
Utilities
1/1
Expense
Vehicles

Vehicles 0/1
Salaries
Payable
Salaries
1/1
Payable
Building

Building 1/1

Profit / Loss
Profit / Loss 0/1

Equipment
Equipment 1/1
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6/5/23, 11:46 AM Chapter 01 E1-7 Accounting in Business

Maintenance
Expense
Maintenance
0/1
Expense
Land

Land 1/1
Unearned
Revenue
Unearned
1/1
Revenue
Rent
Revenue
Rent
1/1
Revenue
Supplies
Expense
Supplies
1/1
Expense
Interest
Receivable
Interest
1/1
Receivable
Rent
Expense
Rent
1/1
Expense
Supplies
Supplies 1/1

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