account classification answers and explanation
Account Classification Step by step Solution with Explanation
Your question:
Use the following abbreviations to classify the following accounts.
CA: Current Assets
REV: Revenue
IA: Intangible Assets
OE: Other Expenses
Account Classification Answers and Explanation
Account | Classification |
---|---|
Prepaid Rent | CA |
Furniture | PPE |
Common Stock | SE |
Mortgage Payable (due in 15 years) | LTL |
Deferred Service Revenue | LIABILITIES |
Investment in Equity Securities | LTI |
Land (not used in operations) | LTI |
Utilities Expense | EXP |
Gain on Disposal of Asset | OR |
Current Maturities of Long-term Debt | CL |
Interest Expense | EXP |
Allowance for Uncollectible Accounts | CL |