Step by Step Assistance

Thursday, 4 September 2014

Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified as an asset, liability, or stockholders’ equity to be reported in the balance sheet; a revenue or expense to be reported in the income statement; or a dividend to be reported in the statement of stockholders’ equity.

Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses.

Required:
For each transaction, select whether the related account would be classified as an asset, liability, or stockholders’ equity to be reported in the balance sheet; a revenue or expense to be reported in the income statement; or a dividend to be reported in the statement of stockholders’ equity.