Question: In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter an h in the blank.
a. Current assets
b. Long-term investments Property,
c. Plant and equipment
d. Intangible assets
e. Current liabilities
f. Long-term liabilities
g. Equity
h. Does not appear on balance sheet
______ 1 Depreciation expense, trucks
______ 2 Lee Hale, capital
______ 3 Interest receivable
______ 4 Lee Hale, withdrawals
______ 5 Automobiles
______ 6 Notes payable (due in three years)
______ 7 Accounts payable
______ 8 Prepaid insurance
______ 9 Land not currently used in business operations
______ 10 Unearned services revenue
______ 11 Accumulated depreciation, trucks
______ 12 Cash
______ 13 Building
______ 14 Patent
______ 15 Office equipment
______ 16 Land (used in operations)
______ 17 Repairs expense
______ 18 Prepaid property taxes
______ 19 Notes payable (due in two months)
______ 20 Notes receivable (due in two years)
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