Account classifications include assets, liabilities, stockholders equity, dividends, revenues, and expenses. Required: For each transaction, indicate whether the related account would be classified as an

Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses.

Required:
For each transaction, indicate whether the related account would be classified as an (a) asset, (b) liability, or (c) stockholders’ equity to be reported in the balance sheet; a (d) revenue or (e) expense to be reported in the income statement; or an (f) dividend to be reported in the statement of stockholders’equity.

Account Classifications Accounts Related Transactions Receive cash from customers. Provide services to customers. Purchase supplies. Purchase factory for operations. Pay for cost of advertising. Purchase equipment for operations. Pay for cost of interest. Purchase supplies on credit. Distribute cash to stockholders Borrow from the bank. Cash 2. serce revenue Supplies Buildings 5. Adverti Equipment Interest expense sing expense 7. Accounts payable Dividends 10 Notes payable