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Question

All accounts belong in one of the following classifications: Asset, Liability, Owner’s Equity. In your working papers, indicate the classification for each of the following accounts. 1. John Jones, Capital 2. Cash in Bank 3. Accounts Receivable 4. Accounts Payable 5. Office Equipment 6. Delivery Equipment 7. Camping Equipment 8. Building 9. Land 10. Computer Equipment

Solution

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  1. John Jones, Capital - Owner's Equity

  2. Cash in Bank - Asset

  3. Accounts Receivable - Asset

  4. Accounts Payable - Liability

  5. Office Equipment - Asset

  6. Delivery Equipment - Asset

  7. Camping Equipment - Asset

  8. Building - Asset

  9. Land - Asset

  10. Computer Equipment - Asset

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