Question: a . Please classify the following accounts using the categories A - K below. The account categories can be used more than once ( 2

a. Please classify the following accounts using the categories A-K below. The account categories can be used more than once (2 point each).
Balance sheet classifications Income statement classifications
A. Current asset H. Revenue
B. Long term asset I. Expense
C. Current liability J. Contra revenue
D. Long term liability K. Contra expense
E. Owners equity
F. Contra asset
G. Contra equity
1.______ Bonds payable, due in 8 years
2._____ Research and development costs
3.______ Accounts payable
4.______ Purchase discounts
5.______ Notes payable, due in nine months
6.______ Inventory
7.______ Accounts receivable
8.______ Sales discounts
9.______ Cost of goods sold
10._____ Allowance for uncollectible accounts

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