8) Identify each account as a Current Asset (CA), Long-Term Investment (LTI), Property, Plant & Equip....

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8) Identify each account as a Current Asset (CA), Long-Term Investment (LTI), Property, Plant & Equip. (PPE), Intangible Asse

business accounting

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Answer 1

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Solution

Accounts	Classification
Copyright	Intangible Asset (IA)
Prepaid rent	Current asset (CA)
Accumulated depreciation	Property, Plant and Equip. (PPE)
Salaries and wages payable	Current liability (CL)
Accounts receivable	Current asset (CA)
Bonds payable (due in 3 years)	Long term Liability (LTL)

Accumulated depreciation is basically a contra PPE account since it has a credit normal balance.

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Answer 2

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