Which accounts would be recorded as an Asset on the balance sheet? Accounts Rece

Question

Which accounts would be recorded as an Asset on the balance sheet?

Accounts Receivable Allowances for Doubtful Accounts Accumulated Depreciation- Building Accumulated Depreciation- Equipment Accumulated Amortization Building Cash Equipment Goodwill Patents Inventory Land Prepaid Insurance Accounts Payable Notes Payable Unearned Revenue Interest Payable Common Stock ($5Par) Paid-in Capital in Excess of Par Value Retained Earnings Sales Sales Returns and Allowances Amortization Expense Bad Debt Expense Cost of Goods Sold Depreciation Expense- Building Depreciation Expense- Equipment Interest Expense Insurance Expense Entertainment Expense Postage Expense Miscellaneous Expense Gain/Loss on Disposal of Equipment Rent Expense Utility Expense Wages and Salaries Expense

Explanation / Answer

Following accounts will be treated as Asset in Balance Sheet :

Accounts Receivable Asset Allowances for Doubtful Accounts Contra Asset Accumulated Depreciation- Building Contra Asset Accumulated Depreciation- Equipment Contra Asset Accumulated Amortization Contra Asset Building Asset Cash Asset Equipment Asset Goodwill Asset Patents Asset Inventory Asset Land Asset Prepaid Insurance Asset

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