Problem 1-2A (Static) Assign account classifications (LO1-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Accounts 1. Common stock 2. Equipment 3. Salaries payable 4. Service revenue 5. Utilities expense 6. Supplies 7. Research and development expense 8. Land 9. Income tax payable 10. Interest payable Related Transactions Sale of common stock to investors. Equipment used for operations. Amounts owed to employees. Sales of services to customers. Cost of utilities. Purchase of office supplies. Cost of research and development. Property used for operations. Amounts owed to the IRS for taxes. Amount of interest owed on borrowing. Account Classifications Asset Dividend Expense Liability

Problem 1-2A (Static) Assign account classifications (LO1-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be ciassified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend