In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet

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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 a Z in the blank.
A. Current assets
B. Long-term investments
C. Plant assets
D. Intangible assets
E. Current liabilities
F. Long-term liabilities
G. Equity
_______ 1. Machinery
_______ 2. Prepaid insurance
_______ 3. Current portion of long-term note payable
_______ 4. Interest receivable
_______ 5. Rent receivable
_______ 6. Land (used in operations)
_______ 7. Copyrights
_______ 8. Rent revenue
_______ 9. Depreciation expense—Trucks
_______ 10. Long-term investment in stock
_______ 11. Office supplies
_______ 12. Interest payable
_______ 13. Owner, Capital
_______ 14. Notes receivable (due in 120 days)
_______ 15. Accumulated depreciation—Trucks
_______ 16. Salaries payable
_______ 17. Commissions earned
_______ 18. Income taxes payable
_______ 19. Office equipment
_______ 20. Notes payable (due in 15 years)

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
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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Related Book For  answer-question

Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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