Label each of the following accounts as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongs—income statement (IS), statement of owner’s equity (SOE), or balance sheet (BS)—in a format similar to the following.
Account Classification Financial Statement
Cash
Rent Expense
Accounts Payable
Service Fees
Supplies
Wages Expense
Ramon Martinez, Drawing
Ramon Martinez, Capital
Prepaid Insurance
Accounts Receivable