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Problem 3-7A Determining balance sheet classifications LO C3 From the dropdown box beside each numbered balance sheet item, s

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ACCOUNT TITLE

CLASSIFICATION

ACCOUNT TITLE

CLASSIFICATION

1

Notes receivable due in 2 years

Long term asset-Investment

11

Accounts receivables

Current asset

2

Interest payable due in 1

Week

Current liability

12

Accounts payables

Current liability

3

Long term investment in stock

Long term asset-Investment

13

Short term investments

Current asset

4

Wages payable

Current liability

14

Taxes payable due in 5 weeks

Current liability

5

Prepaid rent 2 months of rent

Current asset

15

Supplies

No item required

6

Salaries payable

Current liability

16

Goodwill

Long term asset-Intangible asset

7

Merchandise inventory

Current asset

17

Office supplies

No item required

8

Current portion of long term note payable

Current liability

18

Franchises

Long term asset-Intangible asset

9

Short term notes receivables due in 1 month

Current asset

19

Store supplies

No item required

10

Unearned services revenue

Current liability

20

Copyrights

Long term asset-Intangible asset

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