Question

Classify each item as an asset, liability, common stock, revenue, or expense.

a. Issuance of ownership shares.
b. Land purchased.
c. Amounts owed to suppliers.
d. Bonds payable.
e. Amount earned from selling a product.
f. Cost of advertising.

Answer 1

A)Common Stock

B) Asset

C)liability

D)liability

E)Revenue

F)expenses

Step-by-step explanation:

Common stock can be regarded as kind ofcorporate equity ownership, which is one of the type of security.

Asst can be regarded item or property that is been owned by a business or individual which has a value and has future benefits.

liability can be regarded as things that a business or individuals owes, this could be in terms of money.

Expense can be regarded as

type of expenditure which is been seen from the income statement, it is been subtracted from revenue