Question

identify the assets, liabilities, expenses and incomes from the following:
Rent paid , Land and building : Cash in hand : Creditors ; Salary outstanding; Commission
received, Furniture : Bank loan ; Freight on purchase of goods ; Debtors ; Motor vehicles ;
Interest received ; Bank balance.​

Answer 1

Answer:

Rent Paid is an expense, land & building and cash in hand is your asset, creditors are your liability, commission received is your income, furniture is your asset, bank loan is your liability of course, freight on purchase of goods is your expense, debtors are your asset, motor vehicles and bank balance are your asset, whereas interest received is your income, salary outstanding is your liability.

Explanation:

I feel you would be only in a confusion regarding salary outstanding. To be clear, outstanding expenses are those which are incurred in the accounting period but have not been paid. Few examples include rent, wages etc.....