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  • 05 Activity 6 Basic Accounting

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    Kim Ahn Obuyes
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    This document lists and classifies 25 common accounting items as either assets, liabilities, capital, expenses, revenues, or contra accounts on the balance sheet, income statement, or statement of changes in owner's equity. Some key assets include accounts receivable, inventory, land, buildings, equipment, and cash. Important liabilities comprise accounts payable, interest payable, notes payable, property taxes payable, and salaries and wages payable. The owner's capital and drawings are classified within the statement of changes in owner's equity.

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    activity basic accounting

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    05_Activity_6_Basic_Accounting

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    This document lists and classifies 25 common accounting items as either assets, liabilities, capital, expenses, revenues, or contra accounts on the balance sheet, income statement, or statement of changes in owner's equity. Some key assets include accounts receivable, inventory, land, buildings, equipment, and cash. Important liabilities comprise accounts payable, interest payable, notes payable, property taxes payable, and salaries and wages payable. The owner's capital and drawings are classified within the statement of changes in owner's equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views1 page

    05 Activity 6 Basic Accounting

    Uploaded by

    Kim Ahn Obuyes
    This document lists and classifies 25 common accounting items as either assets, liabilities, capital, expenses, revenues, or contra accounts on the balance sheet, income statement, or statement of changes in owner's equity. Some key assets include accounts receivable, inventory, land, buildings, equipment, and cash. Important liabilities comprise accounts payable, interest payable, notes payable, property taxes payable, and salaries and wages payable. The owner's capital and drawings are classified within the statement of changes in owner's equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    ACCOUNT FINANCIAL STATEMENT CLASSIFICATION

    1. Accounts Payable Balance Sheet Liability


    2. Interest Payable Balance Sheet Liability
    3. Accounts Receivable Balance Sheet Asset
    4. Inventory Balance Sheet Asset
    5. Accumulated Depreciation - Buildings Balance Sheet Contra Asset
    6. Land Balance Sheet Asset
    7. Accumulated Depreciation - Equipment Balance Sheet Contra Asset
    8. Notes Payable (due in 3 yrs.) Balance Sheet Liability
    9. Advertising Expense Income Statement Expense
    10. Owner’s Capital (beginning balance) Statement of Changes in Capital
    Owner’s Equity
    11. Buildings Balance Sheet Assets
    12. Owner’s Drawings Statement of Changes in Drawing/Withdrawal
    Owner’s Equity
    13. Cash Balance Sheet Asset
    14. Property Taxes Payable Balance Sheet Liability
    15. Depreciation Expense Income Statement Expense
    16. Salaries and Wages Expense Income Statement Expense
    17. Equipment Balance Sheet Asset
    18. Salaries and Wages Payable Balance Sheet Liability
    19. Freight Out Income Statement Expense
    20. Sales Returns and Allowances Income Statement Contra Revenue
    21. Gain on Disposal of Plant Assets Income Statement Revenue
    22. Sales Revenue Income Statement Revenue
    23. Insurance Expense Income Statement Expense
    24. Utilities Expense Income Statement Expense
    25. Interest Expense Income Statement Expense

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