(A) State whether each account is an asset, liability, equity, revenue, or expen
ID: 2368260 • Letter: #
Question
(A) State whether each account is an asset, liability, equity, revenue, or expense. (B) If the account is an asset, state whether current or PPE. (C) If the account is a liability, state whether it is current or long-term. The following are the accounts: (1) Cash (2) Unearned revenue (3) Utilities expense (4) Supplies (5) Accounts payable (6) Miscellaneous expense (7) Retained earnings (8) Accumulated depr-equip (9) Prepaid rent (10) Accounts receivable (11) Wages expense (12) Notes payable (13) Equipment (14) Advertising expense (15) Dividends (16) Common stock, $2par (17) Rental expense (18) Notes receivable (19) Supplies expense (20) Fees earned *******PLEASE answer the question by stating the answers next to the correct number for each account (you do not have to state why; but please be clear in your answers) [For instance, (1) cash is an asset or (1) asset] ****Explanation / Answer
Hi, Please find the answers as follows: 1) Cash is an Asset. (Current) 2) Unearned Revenue is a Current liability. 3) Utilities Expense is an Expense. 4) Supplies is a Prepaid Expense. 5) Accounts Payables is a Current Liability. 6) Miscellaneous Expense is an Asset. 7) Retained Earnings is Equity. 8) Accumulated Depreciation is a Contra Asset. 9) Prepaid Rent is an Expense as well as reported as Current Asset. 10) Accounts Receivables is a Current Asset. 11) Wages Expense is an Expense. 12) Notes Payables is a Current Liability. 13) Equipment is an Asset (PPE). 14) Advertising Expense is an Expense. 15) Dividends is a part of Equity. 16) Common Stock is Equity. 17) Rental Expense is an Expense and is also treated as Current Asset as it is mostly paid in advance. 18) Notes Receivables is a Current Asset. 19) Supplies Expense is an Expense. 20) Fees earned is Revenue. Thanks.
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