Question

Identify each of the following accounts as a revenue(R), expense(E), asset(A), liability(L), or equity(OE) by placing initials in the blanks.

a. Salary Expense
b. Cash
c. Equipment
d. Owner, Capital
e. Fees Revenue
f. Accounts Receivable
g. Accounts, Payable
h. Owner, Withdrawals
i. Supplies
j. Unearned Revenue
k. Prepaid Insurance
l. Office furniture

Answer 1

a. Salary Expense (E)

b. Cash (A)

c. Equipment (A)

d. Owner, Capital (OE)

e. Fees Revenue (R)

f. Accounts Receivable (A)

g. Accounts, Payable (L)

h. Owner, Withdrawals (OE)

i. Supplies (A)

j. Unearned Revenue (L)

k. Prepaid Insurance (A)

l. Office furniture (A)