Problem 1-2B Assign account classifications (L01-2) 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 llability, or stockholders' equity, in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Account Classifications Accounts Related Transactions 1. Cash Receive cash from customers. 2. Service revenue Provide services to customers. Supplies Purchase supplies. 4. Buildings Purchase factory for operations. 5. Advertising expense Pay for cost of advertising. 6. Equipment Purchase equipment for operations 7. Interest expense Pay for cost of interest. 8. Accounts payable Purchase supplies on credit. 9. Dividends Distribute cash to stockholders 10. Notes payable Borrow from the bank