Label each of the following accounts as an asset (A),

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

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...