DO NOT GIVE ANSWER IN ANY IMAGE FORMAT Question 2:Mark each of the accounts listed in the following table as follows:a. In column (1), indicate in which statement-income statement (IS) or balance sheet (BS)-the accountbelongs.b. In column (2), indicate whether the account is a current asset (CA), current lia-bility (CL), expense (E),fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders' equity (SE).Account nameAccounts payableAccounts receivableAccrualsAccumulated depreciationAdministrative expenseBuildingsCashCommon stock (at par)Cost of goods soldDepreciationEquipmentGeneral expenseInterest expenseInventoriesLandLong-term debtsMachinery.Marketable securitiesNotes payableOperating expensePaid-in capital in excess of parPreferred stockPreferred stock dividendsRetained earningsSales revenueSelling expenseTaxesVehicles(1)(2)Statement Type of account1/3

Current assets= Means an asset which are meant for sale and amount can be recovered easily Fixed…

Mark each of the accounts listed in the following table as follows: a. In column (1), indicate in which statement-income statement (IS) or balance sheet (BS)-the account belongs. b. In column (2), indicate whether the account is a current asset (CA), current lia-bility (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders' equity (SE).

Mark each of the accounts listed in the following table as follows: a. In column (1), indicate in which statement-income statement (IS) or balance sheet (BS)-the account belongs. b. In column (2), indicate whether the account is a current asset (CA), current lia-bility (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders' equity (SE).

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 7MCQ

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