Question

Classify the following accounting heads for Nikea Inc. as assets, liabilities, incomes, expenses, and equity: cash, capital stock, accounts receivable, dividends received, automobile expense, supplies, sales commissions, supplies expense, office salaries, miscellaneous expense, rent, accounts payable

Answer 1

Step-by-step explanation:

The following accounting heads for Nikea Inc. can be classified as follows:

Assets: cash, accounts receivable, supplies

Liabilities: accounts payable

Incomes: dividends received, sales commissions

Expenses: automobile expense, supplies expense, office salaries, miscellaneous expense, rent

Equity: capital stock