Learning Task 2: Classify the following accounts into the five major account categories. On the space provided before each number, write A for asset, L for liability, OE for owner's equity, R for revenue, and E for cost and expense. For contra accounts, enclose your answer in parenthesis. 6. Freight In 1. Salaries payable 2. Interest Income 7. Sales returns & allowances 8. Purchase Discount 3. Doubtful Account Expense 4. Prepaid Insurance Expense 5. Owner's Drawing 9. Interest Expense 10. Unearned Sales Commissions

Learning Task 2: Classify the following accounts into the five major account categories. On the space provided before each number, write A for asset, L for liability, OE for owner's equity, R for revenue, and E for cost and expense. For contra accounts, enclose your answer in parenthesis. 6. Freight In 1. Salaries payable 2. Interest Income 7. Sales returns & allowances 8. Purchase Discount 3. Doubtful Account Expense 4. Prepaid Insurance Expense 5. Owner's Drawing 9. Interest Expense 10. Unearned Sales Commissions

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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