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 |
