Question 2
Ace Accounting’s financial records include the following accounts:
• Advertising Expense
• Accounts Payable
• Andy Ace, Withdrawals
• Cash
• Software
• Rent Expense
• Bank Loan
• Accounting Service Revenue
• Accounts Receivable
• Andy Ace, Capital
• Office Furniture
• Salary Expense
Required:
A. Determine if the above accounts are assets (A), liabilities (L), owner’s equity (OE), revenue (R), or expense (E) accounts.
B. Determine individually if the above accounts would appear on a balance sheet (B), income statement (I), statement of owner’s equity (SOE), or cash flow statement (CF).
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