Question

Identification of Accounts E6A. I. Indicate whether each of the following accounts is an asset (A), a liability (L), or a LO3 part of owner's equity (OF) a. Building b Salaries Payable e. Cash f. Accounts Payable g Equipment Accounts Receivable d. Owner's Capital 2. Indicate whether each account that follows would be shown on the income state ment (IS), the statement of owner's equity (OE), or the balance sheet (BS). a. Commissions Earned b. Automobile c Utilities Expense e. Supplies Expense f. Accounts Payable g. Withdrawals d、Land

Answer 1

Part 1	Asset	A
	Liability	L
	Part of owners equity	OE
	Item	Type
a	Building	A
b	salaries Payable	L
c	Accounts receivable	A
d	Owner's Capital	OE
e	Cash	A
f	Accounts Payable	L
g	Equipment	A
Part 2	Income statement	IS
	Statement of owner's equity	OE
	balance Sheet	BS
	Item	Type	Hint
a	Commission earned	IS	Revenue , nominal account
b	Automobile	BS	Assets
c	Utilities Expense	IS	Expense nominal accounts
d	Land	BS	Assets
e	Supplies expense	IS	Expense nominal accounts
f	Accounts Payable	BS	Liability
g	Withdrawals	OE	Personal accounts
Nominal accounts includes expense, and lossess, revenue and gain which
at period end finished.