Specify, to the left of each account, the letter of the financial statement clas

Question

Specify, to the left of each account, the letter of the financial statement classification the account would appear in. Use only the classifications shown. Account balances taken from the ledger of Morin Company on December 31, 2014 follow: Common Stock, $10 par Loss on Disposal of Equipment Buildings Office Expense Allowance for Doubtful Accounts Notes Payable (Short Term) Accum. Depreciation-Buildings Mortgage Payable due 2016 Depletion Expense Freight-Out Sales Revenue Dividends Retained Earnings Dec. 31, 2013 Cash Sales Discounts Inventory Salaries and Wages Expense Merchandise on order with supplier Interest Revenue Selling Expenses Interest Expense Income Taxes Payable Insurance Expense Advertising Expense Equity Investments Accounts Receivable Land Accounts Payable Error made in computing 2012 depreciation expense Gain on Redemption of Debt

Explanation / Answer

1 common stock Capital stock 2 loss on disposal of equipment Other expenses and losses 3 Buildings property, Plant and equipment 4 Office expense Operating Expenses 5 allowance for doubtful debts Current Assets 6 Notes payable (short term) Current Liabilities 7 Accm. Depreciations (buildings) property, Plant and equipment 8 Mortgage payable -due 2016 Long Term Debt 9 depletion expenses Operating Expenses 10 freight out Operating Expenses 11 Sales revenue Sales revenue 12 dividend Retained earnings Section 13 retained earnings-dec 31, 2013 Retained earnings 14 cash Current Assets 15 sales discounts Operating Expenses 16 Inventory Current Assets 17 salaries and wages payable Current Liabilities 18 Merchandise on order with supplier Current Assets 19 interest revenue Other Revenues and Gains 20 selling expense Operating Expenses 21 interest expense Operating Expenses 22 income tax payable Current Liabilities 23 insurance expense Operating Expenses 24 advertisement expense Operating Expenses 25 equity investments Investments 26 accounts receivable Current Assets 27 land property, Plant and equipment 28 accounts payable Current Liabilities 29 error made in computing 2012 depreciation expense Extraordinary Item 30 gain on redemption of debt Other Revenues and Gains

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