Activity 1 Instructions: ldentify each of the following accounts as an asset, Liability or Equity. ACCOUNTS Owner's Drawing Note's Payable Office Equipment Mortgage Payable Delivery Equipment Accounts Payable Deposit for Utility DESCRIPTION OF THE ACCOUNTS CLASSIFICATION Cash withdrawn by owner A written promise to pay the supplier Fax machine A loan collateral is given to the creditor Cars purchased for use in the business Money, owed to suppliers Deposit made for telephone service
Activity 1 Instructions: ldentify each of the following accounts as an asset, Liability or Equity. ACCOUNTS Owner's Drawing Note's Payable Office Equipment Mortgage Payable Delivery Equipment Accounts Payable Deposit for Utility DESCRIPTION OF THE ACCOUNTS CLASSIFICATION Cash withdrawn by owner A written promise to pay the supplier Fax machine A loan collateral is given to the creditor Cars purchased for use in the business Money, owed to suppliers Deposit made for telephone service
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7QY: The schedule of accounts payable lists each creditors account balance, and the total equals the...
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![Activity 1
Instructions: Identify each of the following accounts as an asset, Liability or Equity.
DESCRIPTION OF THE ACCOUNTS
Cash withdrawn by owner
A written promise to pay the supplier
Fax machine
A loan collateral is given to the creditor
Cars purchased for use in the business
Money, owed to suppliers
Deposit made for telephone service
ACCOUNTS
CLASSIFICATION
Owner's Drawing
Note's Payable
Office Equipment
Mortgage Payable
Delivery Equipment
Accounts Payable
Deposit for Utility](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd3ac409-9e48-4ab3-8410-ca27e684712d%2F919bcabd-3514-4dc1-9559-f002ba69f134%2Fqj85izg_processed.png&w=3840&q=75)
Transcribed Image Text:Activity 1
Instructions: Identify each of the following accounts as an asset, Liability or Equity.
DESCRIPTION OF THE ACCOUNTS
Cash withdrawn by owner
A written promise to pay the supplier
Fax machine
A loan collateral is given to the creditor
Cars purchased for use in the business
Money, owed to suppliers
Deposit made for telephone service
ACCOUNTS
CLASSIFICATION
Owner's Drawing
Note's Payable
Office Equipment
Mortgage Payable
Delivery Equipment
Accounts Payable
Deposit for Utility
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