Financial Statement Accounts Label each of the following accounts as an Asset, Liability, Owner's Equity, Revenue, or
Question:
Financial Statement Accounts
Label each of the following accounts as an Asset, Liability, Owner's Equity, Revenue, or Expense. Indicate the financial statement on which the account belongs—Income Statement, Statement of Owner's Equity, or Balance Sheet.
| Account | Classification | Financial Statement |
| Cash | AssetExpenseLiabilityOwner's EquityRevenue | Balance SheetIncome StatementIncome Statement, Balance SheetStatement of Owner's EquityStatement of Owner's Equity, Balance Sheet |
| Rent Expense | AssetExpenseLiabilityOwner's EquityRevenue | Balance SheetIncome StatementIncome Statement, Balance SheetStatement of Owner's EquityStatement of Owner's Equity, Balance Sheet |
| Accounts Payable | AssetExpenseLiabilityOwner's EquityRevenue | Balance SheetIncome StatementIncome Statement, Balance SheetStatement of Owner's EquityStatement of Owner's Equity, Balance Sheet |
| Service Fees | AssetExpenseLiabilityOwner's EquityRevenue | Balance SheetIncome StatementIncome Statement, Balance SheetStatement of Owner's EquityStatement of Owner's Equity, Balance Sheet |
| Supplies | AssetExpenseLiabilityOwner's EquityRevenue | Balance SheetIncome StatementIncome Statement, Balance SheetStatement of Owner's EquityStatement of Owner's Equity, Balance Sheet |
| Wages Expense | AssetExpenseLiabilityOwner's EquityRevenue | Balance SheetIncome StatementIncome Statement, Balance SheetStatement of Owner's EquityStatement of Owner's Equity, Balance Sheet |
| Ramon Martinez, Drawing | AssetExpenseLiabilityOwner's EquityRevenue | Balance SheetIncome StatementIncome Statement, Balance SheetStatement of Owner's EquityStatement of Owner's Equity, Balance Sheet |
| Ramon Martinez, Capital | AssetExpenseLiabilityOwner's EquityRevenue | Balance SheetIncome StatementIncome Statement, Balance SheetStatement of Owner's EquityStatement of Owner's Equity, Balance Sheet |
| Prepaid Insurance | AssetExpenseLiabilityOwner's EquityRevenue | Balance SheetIncome StatementIncome Statement, Balance SheetStatement of Owner's EquityStatement of Owner's Equity, Balance Sheet |
| Accounts Receivable | ||
Expert Answer:
Account Cash Rent expense Classification Asset Expense Accounts payable Liabilities Service ... View the full answer
