Chapter 2, Problem 2E

Identifying and classifying accounts

Enter the number for the item that best completes each of the descriptions below.

1. 1. Asset
2. 2. Equity
3. 3. Account
4. 4. Liability
5. 5. Three
6. a. Balance sheet accounts are arranged into _________ general categories.
7. b. Common Stock and Dividends are examples of _________ accounts.
8. c. Accounts Payable, Unearned Revenue, and Note Payable are examples of _________ accounts.
9. d. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of _________ accounts.
10. e. A(n) _________ is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.