Identify each of the following items relating to sections of a balance sheet as Current Assets (CA),

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Identify each of the following items relating to sections of a balance sheet as Current Assets (CA), Property and Equipment (PE), Current Liabilities (CL), Long-Term Liabilities (LTL), or Owner’s Equity (OE).
a. Accounts Receivable
b. Building
c. Wages Payable
d. Prepaid Property Taxes
e. Mortgage Payable (current)
f. Supplies
g. Mortgage Payable (due in 3 years)
h. Unearned Fees
i D. Marlor, Capital
j. Notes Payable (due in 3 months)

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...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

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