Indicate in which of the following four categories each of the 10 accounts listed below belongs: a.
Question:
a. Current assets
b. Capital assets
c. Current liabilities
d. Long-term liabilities
_____ 1. Petty Cash
_____ 2. Accounts Receivable
_____ 3. Prepaid Rent
_____ 4. WCB Payable
_____ 5. Store Supplies
_____ 6. Mortgage Payable (Current)
_____ 7. Accrued Wages
_____ 8. Accumulated Amortization
_____ 9. Computer Equipment
_____ 10. Unearned Rent
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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1 a Current assets 2 a Current assets 3 a C...View the full answer
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Related Book For 
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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