The following items relate to business transactions involving Collectibles Canada.
a. Coins and currency
b. Amounts that Collectibles Canada owes to suppliers of coins and currency
c. Amounts that Collectibles Canada can collect from customers
d. Amounts owed to bank for loan to buy building
e. Property on which buildings will be built
f. Amounts distributed from profits to shareholders
g. Amounts earned by Collectibles Canada by selling coin-collecting supplies
h. Unused paper in Collectibles Canada head office
i. Cost of paper used up during month
j. Amounts contributed to Collectibles Canada by shareholders
Required
1. Identify an appropriate label (account name) for each item as it would be reported in the company's financial statements.
2. Classify each item as an asset (A), liability (L), shareholders' equity (SE), revenue (R), or expense (E).