EXERCISE 1-4
Purpose: | (L.O. 8) This exercise will give you practice in classifying items on financial statements. |
________ 1. Cash | ________ 21. Commission revenue |
________ 2. Accounts payable | ________ 22. Insurance expense |
________ 3. Equipment | ________ 23. Rent expense |
________ 4. Utilities expense | ________ 24. Rent revenue |
________ 5. Common stock | ________ 25. Interest expense |
________ 6. Salaries and wages payable | ________ 26. Interest revenue |
________ 7. Salaries and wages expense | ________ 27. Interest income |
________ 8. Advertising expense | ________ 28. Office supplies expense |
________ 9. Advertising payable | ________ 29. Audit fees incurred |
________ 10. Office supplies | ________ 30. Service revenue |
________ 11. Note payable | ________ 31. Legal fees earned |
________ 12. Note receivable | ________ 32. Legal fees incurred |
________ 13. Dividends | ________ 33. Prepaid insurance |
________ 14. Fees earned | ________ 34. Property tax expense |
________ 15. Fees incurred | ________ 35. Mortgage payable |
________ 16. Telephone expense | ________ 36. Loan receivable |
________ 17. Cleaning supplies on hand | ________ 37. Bank loan payable |
________ 18. Property taxes payable | ________ 38. Royalty revenue |
________ 19. Cleaning expense | ________ 39. Royalty expense |
________ 20. Commission expense | ________ 40. Medical supplies |
Instructions
Indicate how each of the above should be classified on a set of financial statements. Use the following abbreviations to communicate ...
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