Question

Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawals; revenues; expenses).

Inventory
Retained Earnings
Dividends
Cost of Goods Sold
Utilities Payable
Service Revenue
Accounts Payable
Rent Expense

Answer 1

Answer and Explanation:

The classification is as follows;

Inventory = current assets

Retained Earnings = stockholder equity

Dividends = dividend

Cost of Goods Sold = expense

Utilities Payable = current liabilities

Service Revenue = revenue

Accounts Payable = current liabilities

Rent Expense = expense

In this way it could be classified and the same is relevant