Question

From the dropdown box beside each numbered balance sheet item, select the option of its balance sheet classification. If the item should not appear on the balance sheet, choose the option "No Item required from the selection choices. Classification Classification Account Title 11. Accounts receivable Account Title 1. Notes receivable (due in 2 years) 2. Interest payable (due in 1 week) 3. Long-term investment in stock 4. Wages payable 6. Prepaid rent 2 months of Rent) 8. Salaries payable 7. Merchandise inventory & Current portion of long-term note payable 9. Short-term notes receivable (due in 1 month) 10. Unearned services revenue 12. Accounts payable 13. Short-term investments 14. Taxes payable (Due in 5 weeks) 15. Supplies 10. Goodwill 17. Office supplies 18. Franchises 10. Store supplies 20. Copyrights

Answer 1

	Account title	Classification		Account title	Classification
1	Notes receivable (Due in 2 years)	Current assets (trade accounts receivable)	11	Accounts receivable	Current assets (trade accounts receivable)
2	Interest payable (Due in 1 week)	long term assets (accounts receivable)	12	Accounts payable	Current liabilities(Accounts payable)
3	Long term investment in stock	Current assets (Inventory)	13	Short term investments	Current assets (Investments)
4	Wages payable	Current liabilities( other accrued liabilities)	14	Taxes payable	Cuurent liabilities (taxes payable)
5	Prepaid Rent (2 months of rent)	Current assets (prepaid expenses)	15	Supplies	Current assets
6	Salaries payable	Current liabilities( other accrued liabilities)	16	Goodwill	Intangible assets
7	Merchandise	Current assets (Inventory)	17	Office supplies	Current assets
8	Current portion of long term notes payable	Current liabilities(Accounts payable)	18	Franchises	Intangible assets
9	Short Term notes receivable (due in 1 month)	Current assets (trade accounts receivable)	19	Store supplies	Current assets
10	Unearned services revenue	Current assets (unbilled revenue)	20	Copyrights	Intangible assets