Question

Select each accounts listed below as being an asset, liability, or a equity account Supplies inventory select Owner, Capital Select Other revenue select Commissions earned select Professional fees earned select Income tax payable select select

Answer 1

Answer lisupplies Inventory. 2. Owner capital - 3. Other Revenue ho commissions earned 5. Professional fees earned 6. Income Tax payable . i Asset Equity Equity ", Е. Quity Equity Liability Explanation: i Asset Accounts: - Assets are resources owned or controlled by a company, and those resources have expected pinture benefits. Examples are land, supplies Inventoryek o Liability Accounts:- - Liabilities are defined as a company's legal financial debts or obligations that arise during the course of hissiness operations,

STAAN • Equity Accounts! 1. The equilty owners claim on a company's assets is called equity, stockholder's equity or shareholder's equity. Equity is the owner's residual interest in the assets of a business after deducting liabilities. Equity is impacled by four types of accounts as follows Equity = common stock - Dividends trevenues . - EXPenses The inflow of net assets from providing time Products and services to customers increases equity through therease in revenue accounts. Examples of sevenne accounts are sales, commission earned, professional fees earned, Rent revenueck. Revenues always increase equity.

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