Classifying Accounts on a Balance Sheet The following are accounts of Rosa-Perez Company: (1) Accounts Payable (2)
Question:
The following are accounts of Rosa-Perez Company:
(1) Accounts Payable
(2) Accounts Receivable
(3) Buildings
(4) Cash
(5) Contributed Capital
(6) Land
(7) Merchandise Inventory
(8) Income Taxes Payable
(9) Long-Term Investments
(10) Notes Payable (due in three years)
(11) Notes Receivable (due in six months)
(12) Prepaid Rent
(13) Retained Earnings
(14) Supplies
(15) Utilities Payable
(16) Wages Payable
In the space provided, classify each as it would be reported on a balance sheet. Use:
CA for current asset CL for current liability SE for stockholders’ equity
NCA for noncurrent asset NCL for noncurrent liability
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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CL 1 Accounts Payable CA 2 Accounts Receivable NCA 3 Buildings CA 4 Cash SE 5 Cont...View the full answer
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