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For each of the following balance sheet items, indicate the appropriate classification category from the dropdown list. Note: If the item is a contra account, select the appropriate classification category with "- contra" from the dropdown 1. Equipment

For each of the following balance sheet items, indicate the appropriate classification category from the dropdown list. Note: If the item is a contra account, select the appropriate classification category with "- contra" from the dropdown 1. Equipment

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For each of the following balance sheet items, indicate the appropriate classification category from the dropdown list. Note: If the item is a contra account, select the appropriate classification category with "- contra" from the dropdown list. 1. 23456 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. Equipment Accounts payable Allowance for uncollectible accounts Land (held for investment) Notes payable (due in 5 years) Deferred revenue (for the next 12 months) Notes payable (due in 6 months) Accumulated amount of net income less dividends Investment in XYZ Corporation (long-term) Inventory Patent Land (used in operations) Accrued liabilities (due in 6 months) Prepaid rent (for the next 9 months) Common stock Building (used in operations) Cash Income taxes payable
Transcribed Image Text:For each of the following balance sheet items, indicate the appropriate classification category from the dropdown list. Note: If the item is a contra account, select the appropriate classification category with "- contra" from the dropdown list. 1. 23456 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. Equipment Accounts payable Allowance for uncollectible accounts Land (held for investment) Notes payable (due in 5 years) Deferred revenue (for the next 12 months) Notes payable (due in 6 months) Accumulated amount of net income less dividends Investment in XYZ Corporation (long-term) Inventory Patent Land (used in operations) Accrued liabilities (due in 6 months) Prepaid rent (for the next 9 months) Common stock Building (used in operations) Cash Income taxes payable
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