Exercise 2-2 Identifying and classifying accounts LO C2 Select the item that best completes each of the descriptions below. a. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of accounts are held by a seller and are promises of payment from customers to sellers c. Balance sheet accounts are arranged into general categories d. Ain) is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item are people and organizations that are entitled to receive payments from a company asset fiability three classified balance sheet creditors Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best completes each of the descriptions below. eBook a Increases and decreases in a specific asset. liability equity revenue or expense are recorded in an b. Ain) such as a sales receipt is reliable evidence of a transaction and its amount c. A of accounts is a list of all accounts a company uses not including account balances d. Ain) has a complete record of every transactions recorded A collection of accounts and account balances is referred to as an) References General ledger foumal account Source document chart journal General ledger