Exercises:

I. Classify the following accounts by placing a check mark in the appropriate column below
Non-current Current Non-current
Accounts Current Assets Equity
Assets liabilities liabilities
Land
Building
Notes
Receivable
Franchise
Interest
Payable
Prepaid
Insurance
Bonds Payable
Premium on
Bonds
Merchandise
Inventory
Miya, Capital
Deferred
Expense
Accrued
Expense
Taxes Payable
Mortgage
Payable
Supplies
Trade
Receivables

II. Indicate the financial statement where each of the given could be found.
Balance Sheet (BS); Income Statement (IS); Capital statement (CS).
1. Merchandise 9. Furnitures and 15. Sales returns and
inventory, end Fixture allowances
2. James, Drawing 10. Equipment 16. Freight In
3. Freight out 11. Depreciation 17. Allowance for
4. Unearned revenue Expense-Truck doubtful accounts
5. Notes Receivable 12. Prepaid 18. Accumulated
6. James, Capital advertising Depreciation-truck
7. Interest Income 13. Factory supplies 19. Purchase Returns
8. Truck 14. Cost of sales and Allowances
 20. SSS Contributions 22. Finance costs 25. Professional Fees
21. Withholding tax 23. Franchise 26. Store Equipment
payable 24. Land

III. Out of the accounts given in exercise II, classify the accounts into the following:
a. Current Assets
b. Current Liabilities
c. Non-current assets
d. Non-current Liabilities
e. Operating expenses
f. Non-operating revenues
g. Operating revenues
h. Non-operating expenses