Preliminary course. Classify each of thefollowing accounts as an asset, liability,equity, revenue or expense.a Sales.b Cost of goods sold.Accounts receivable.d Lease.e Mortgage loan.f Inventory or stock.g Advertising.h Interest paid on loans.iBank overdraft.j Company car.k Equipment.I Land and buildings.m Owners' capital.n Accounts payable.Tax on net profit.p Telephone.q Accountant's fees.Wages.Cash.t Insurance.Retained profits.v Debentures.

Name: Preliminary course. Classify each of thefollowing accounts as an asse
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Description: Preliminary course. Classify each of thefollowing accounts as an asset, liability,equity, revenue or expense.a Sales.b Cost of goods sold.Accounts receivable.d Lease.e Mortgage loan.f Inventory or stock.g Advertising.h Interest paid on loans.iBank o

let's understand some basics Expenses= An expense is the cost of operations that a company incurs to…

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Preliminary course. Classify each of the following accounts as an asset, liability, equity, revenue or expense. a Sales. b Cost of goods sold. c Accounts receivable. Lease. e Mortgage loan. f Inventory or stock. g Advertising. Interest paid on loans. Bank overdraft. j Company car. k Equipment. Land and buildings. m Owners' capital. Accounts payable. Tax on net profit. p Telephone. q Accountant's fees. Wages. Cash. Insurance. Retained profits. Debentures.

Preliminary course. Classify each of the following accounts as an asset, liability, equity, revenue or expense. a Sales. b Cost of goods sold. c Accounts receivable. Lease. e Mortgage loan. f Inventory or stock. g Advertising. Interest paid on loans. Bank overdraft. j Company car. k Equipment. Land and buildings. m Owners' capital. Accounts payable. Tax on net profit. p Telephone. q Accountant's fees. Wages. Cash. Insurance. Retained profits. Debentures.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 2EB: Consider the following accounts and determine if the account is an asset (A), a liability (L), or...

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