Has anything been classified incorrectly as liabilities or assets when actually

Question

Has anything been classified incorrectly as liabilities or assets when actually the opposite?

Description Classification Order 143,400 Asset Accounts Receivable Supplies Prepaid Insurance Prepaid rent Equipment Accumulated Depreciation - Equipme Rent Revenue Salaries and Wages Payable Accounts Payable Bonds payable Discount on bonds pavable Service Revenue Deferred Revenue Depreciation Expense Insurance Expense Interest expense Salaries and Wages Expense Rent Expense Supplies Expense Common Stock Retained Earnings Dividends 2 8.000 Asset 500 Asset 2.500 Asset 2.000 Asset 18,000 Asset (5,800) Asset 4 (13,100) Asset (1,100) Liability (4,800) Liability (10,000) Liability 2,000 Liability (38,000) Liability (1,000) Liability 10 12 13 680 Liability 1,500 Liability 2,000 Liability 18,100 Liability 12,000 Liability 15 16 17 18 19 320 Liability (100,000) Owners' Equity (40,000) Owners' Equity 2,800 Owners' Equity 21

Explanation / Answer

Order 12: discount on bonds payable is an asset

Explanation :bonds payable is a liability but discount on bonds payable is deducted from bonds payable in the balance sheet  

Order 13: Service revenue is an asset  

Explanation : all the revenue increases the asset

Order 14: Differed revenue is a liability

Explanation : differed liability is unearned revenue treated as liability

Thank you

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