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account classification answers and explanation

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

A list of numbers and words Description automatically generated with medium confidence

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

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