Classifying Accounts into Assets, Liabilities, Owners Equity,

Revenue or Expense
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1. Asset. Money owed by the customer to the Company. Accounts

Receivables
2. Asset. The most liquid form of Asset a company can hold. Cash
3. Asset. Goods or Material that is held by a company for the purpose of reselling for a profit. Inventory
4. Asset. When a business pays for goods and services that will be received in the near future Prepaid
Expenses
5. Asset. It's a Long-term Asset, a machine used for producing a product or service. It has a specific design and Equipment
purpose.
6. Asset. Real Property where a company's office buildings or manufacturing plants sit. Land
7. Assets. Any equity or debt instrument that it readily salable and can be converted into cash, or exchanged with Marketable
ease. Stocks, bonds, short-term commercial paper and certificates of deposit. (Investopedia) Securities
8. Liability. A formal written promise to pay. Example: Bank loans Notes
Payable
9. Liability. This is a current liability account that shows the amount a company owes for items or services purchased Accounts
on credit. This is often referred to as trade payables. Payable
10. Liability. Salaries earned by a company's employees, but have not been paid by the company Salaries
Payable
11. Liabilities. Money received by a company in advance of providing a service or delivering a product. Unearned
Revenues
12. Equity. Ownership shares in a company. Common
Stock
13. Equity. Capital received by a company for the sell of stock at a price greater than par value. Paid-in
Capital
14. Equity. Reports the net income of a corporation from its inception less the dividends paid/declared from its Retained
inception to the date of the balance sheet. Earnings
15. Revenue (Equity). Money earned for the sale of a product or service. Service
Revenues
16. Expense (Equity). Costs associated with generating sales. Found on the Income Statement Salaries
Expense