Determine whether each of the above is an Asset, Liability, Income or Expense and circle the appropriate letter to the right of each one.
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Particulars | Amount | Circle One |
Income Tax Refund | $500 | Income |
Apartment Rent paid | 7200 | Expenses |
Utilities bills paid during the year | 1800 | Expenses |
Unpaid telephone and utility bills | 125 | Liability |
Value of her 2003 Honda Civic | 6000 | Assets |
Car Insurance premium paid this year | 600 | Expenses |
Gas and other transportation expenses paid | 1200 | Expenses |
Amount spent on clothing | 2400 | Expenses |
Value of furniture | 3500 | Assets |
Appriased value of Jewelry | 3500 | Assets |
Students loan payments made | 1200 | Expenses |
Balance of student loan unpaid | 4500 | Liability |
Amount spent on food | 3000 | Expenses |
Amount spent on entertainment | 1800 | Expenses |
ATM withdrawals ( don't know what for) | 2400 | Expenses |
Cost of skiing vacations taken | 1000 | Expenses |
Balance Owed on Visa Card | 1450 | Liability |
Extra payments made on credit card this year | 1000 | Assets |
Value of 403(b) retirement account | 2500 | Assets |
Checking account balance | 750 | Assets |
Saving account balance | 1200 | Assets |
Interest earned on saving account | 60 | Income |
The following are the simple definitions of Assets, liability, Income and expenses:
Assets
An item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies
Liability
The state of being legally responsible for something.
Income
Income is money that an individual or business receives in exchange for providing a good or service or through investing capital
Expenses
he cost incurred in or required for something.
Determine whether each of the above is an Asset, Liability, Income or Expense and circle the appr...
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