Question

Identify each account as​ Asset, Liability, or Equity. a. Accounts Payable Liability b. Cash Asset c. Common Stock Equity d. Accounts Receivable e. Rent Expense ▼ f. Service Revenue g. Office Supplies Asset h. Dividends i. Land Asset j. Salaries Expe

Answer 1

Answer & Explanation:

Account Payable: Liability it represent the amount owed to suppliers

Cash: asset it represent the money in possesion ofthe business.

Common Stock: Equity are the shares issued of the company

Account receivable: Assets it represent the right to claim our billed amount to customers.

Rent expense: Equity it decrease the equity, it is an expense account which decreases the period result

Service revenue: Equity it increase the equity, it is the earned amount from the company main activity

Office supplies: Assets it represent the stock supplies used in the office

Dividends: Equity it decrease from the retained earnings of the business

Land: Asset are real state owned by the firm

Salaries Expense: Equity, it is the cost associate with the employee, it decrease the period result.