Instructions: The following lettered items represent a classification scheme for

Question

Instructions: The following lettered items represent a classification scheme for a Balance Sheet, and the numbered items represent accounts. Using the scantron form provided, darken the letter indicating which category it belongs in. (You may use a letter more that once). Current Asset Plant Asset (Fixed Assets) Current Liability Long-Term Liability Stockholders' Equity Unearned Professional Fees Interest Payable Machinery and Equipment Retained Earnings Accumulated Depreciation Prepaid Insurance Furniture Mortgage Note Payable due in 20 years Notes Receivable due in 30 days Common Stock Office Supplies

Explanation / Answer

81.Unearned Professional Fees c. Current Liability 82.Interest Payable c. Current Liability (Assumed Interest payable is within 12 months, else it would be Long Term Liability)    83.Machinery & Equipments b. Plant Asset (Fixed Asset) 84.Retained Earnings e. Stockholders Equity 85. Accumulated Depreciation b. Plant Asset (Fixed Assets) 86. Prepaid Insurance a. Current Asset 87. Furniture b. Plant Asset (Fixed Assets) 88. Mortgage Note Payable due in 20 years d. Long Term Liability 89. Notes receivable due in 30 days a. Current Asset 90. Common Stock e. Stockholders' Equity    91. Office Supplies a. Current Asset

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