Solution Found!
Classifying Accounts All accounts belong in one of the following classifications: Asset
Chapter 3, Problem 3-4(choose chapter or problem)
Classifying Accounts
All accounts belong in one of the following classifications: Asset, Liability, Owners Equity.
Instructions In your working papers, indicate the classification for each of the following accounts.
1. John Jones, Capital 6. Delivery Equipment
2. Cash in Bank 7. Camping Equipment
3. Accounts Receivable 8. Building
4. Accounts Payable 9. Land
5. Office Equipment 10. Computer Equipment
Questions & Answers
QUESTION:
Classifying Accounts
All accounts belong in one of the following classifications: Asset, Liability, Owners Equity.
Instructions In your working papers, indicate the classification for each of the following accounts.
1. John Jones, Capital 6. Delivery Equipment
2. Cash in Bank 7. Camping Equipment
3. Accounts Receivable 8. Building
4. Accounts Payable 9. Land
5. Office Equipment 10. Computer Equipment
ANSWER:Step 1 of 2
The accounts are the different classification of all the claims or property for the business. Properties, in general, are the assets for the business. The claims have two subdivisions – The owner’s claim called owner’s equity, and the Outsider’s claim called liability.
All the given accounts would belong to one of these main heads.