Question

Instructions:
Classify each account as to ASSET, LIABILITY, EQUITY, INCOME or EXPENSE. Write your answers on the space provided. Observe
neatness as you answer this assessment. (1 point each)
1. Cost of Sales
2. Accounts Payable
3. Accounts Receivable
4. Notes Receivable
5. Bonds Payable
6. Baltazar, Capital
7. Prepaid Rent
8. Prepaid Insurance
9. Land
10. Miscellaneous Expenses
11. Pigs and Piglets
12. Furnitures
13. Notes Payable
14. Drawings
15. Property, Plant& Equipment
16. Interest payable
17. Sales Receivable
18. Loans Receivable
19. Loans Payable
20. Mortgage payable
21. Fees earned.
22. Service Revenue
23. Inventory
24. Cost of goods sold
25. Supplies Expense
​

Answer 1

ANSWER :

1. Cost of Sales ➩ Expense Account

2. Accounts Payable ➩ Liability Account

3. Accounts Receivable ➩ Asset Account

4. Notes Receivable ➩ Asset Account

5. Bonds Payable ➩ Liability Account

6. Baltazar, Capital ➩ Equity Account

7. Prepaid Rent ➩ Asset Account

8. Prepaid Insurance ➩ Asset Account

9. Land ➩ Asset Account

10. Miscellaneous Expenses ➩ Expense Account

11. Pigs and Piglets ➩ Asset Account

12. Furnitures ➩ Asset Account

13. Notes Payable ➩ Liability Account

14. Drawings ➩ Equity Account

15. Property, Plant & Equipment ➩ Asset Account

16. Interest payable ➩ Liability Account

17. Sales Receivable ➩ Asset Account

18. Loans Receivable ➩ Asset Account

19. Loans Payable ➩ Liability Account

20. Mortgage payable ➩ Liability Account

21. Fees earned ➩ Income Account

22. Service Revenue ➩ Income Account

23. Inventory ➩ Asset Account

24. Cost of goods sold ➩ Expense Account

25. Supplies Expense ➩ Expense Account