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Determine whether each account listed is an Asset, Liability, or Owner's Equity account.

1. Cash

2. John Doe, Capital

3. Rent Expense

4. Sales Revenue

5. Notes Receivable

6. Supplies Expense

7. Furniture

8. Wage Expense

9. Interest Revenue

10. Land

11. Loan Payable

12. John Doe, Drawing

13. Utilities Expense

14. Supplies

User Brantgurga
by
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1 Answer

4 votes

Each account listed below

Cash - Asset

John Doe, Capital - Owner's Equity

Rent Expense - Expense

Sales Revenue - Revenue

Notes Receivable - Asset

Supplies Expense - Expense

Furniture - Asset

Wage Expense - Expense

Interest Revenue - Revenue

Land - Asset

Loan Payable - Liability

John Doe, Drawing - Owner's Equity

Utilities Expense - Expense

Supplies - Asset

Step-by-step explanation:

Cash is an Asset account as it represents the amount of money a company has on hand or in its bank accounts.

John Doe, Capital is an Owner's Equity account and represents the owner's investment or ownership interest in the business.

Rent Expense is an Expense account that records the cost of renting or leasing property for the business.

Sales Revenue is a Revenue account and represents the income generated from the sale of goods or services.

Notes Receivable is an Asset account that represents the amount owed to the company by customers or other parties.

Supplies Expense is an Expense account that records the cost of supplies consumed or used in the business operations.

Furniture is an Asset account that represents the value of furniture owned by the business.

Wage Expense is an Expense account that records the cost of employee wages or salaries.

Interest Revenue is a Revenue account and represents the income earned from interest on loans or investments.

Land is an Asset account that represents the value of land owned by the business.

Loan Payable is a Liability account that represents the amount owed by the business to creditors or lenders.

John Doe, Drawing is an Owner's Equity account that records the withdrawals made by the owner from the business for personal use.

Utilities Expense is an Expense account that records the cost of utilities such as electricity, water, or gas.

Supplies is an Asset account that represents the value of supplies or inventory held by the business.

User Dilini
by
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