II.Classify the following whether it is an Asset (A), Liability (4), Capital (C), Income (), or Expenses (E) byindicating on the first column provided the letter code. In the second column, indicate whether is a debit(DR) or a credit (CR)CLASSIFICATION OF ACCOUNTING VALUES AND THEIR POSITIONSA. ItemClassificationDR/CR1. Cash received2. Insurance paid3. Rental Collected4. Furniture bought5. Interest Paid6. Rent paid7. Owners Investment8. Investment collected9. Due from Customers10. Advertisement Paid11. Due to suppliers12. Load from a bank13. Owner's withdrawal14. Salaries paid15. Property mortgageB. Accounts1. Accts Receivable2. Notes Payable3. Rental Revenue4. Office Supplies5. Samson Capital6. Notes Receivable7. Mortgage Payable8. Samson Personal9. Rent Expense10. Commission Income| |

Name: II.Classify the following whether it is an Asset (A), Liability (4),
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Description: II.Classify the following whether it is an Asset (A), Liability (4), Capital (C), Income (), or Expenses (E) byindicating on the first column provided the letter code. In the second column, indicate whether is a debit(DR) or a credit (CR)CLASSIFICAT

Accounting equation is given as under: ASSETS = EQUITY + LIABILITIES

Business

Accounting

II. Classify the following whether it is an Asset (A), Liability (L), Capital (C), Income (), or Expenses (E) by indicating on the first column provided the letter code. In the second column, indicate whether is a debit (DR) or a credit (CR) CLASSIFICATION OF ACCOUNTING VALUES AND THEIR POSITIONS

II. Classify the following whether it is an Asset (A), Liability (L), Capital (C), Income (), or Expenses (E) by indicating on the first column provided the letter code. In the second column, indicate whether is a debit (DR) or a credit (CR) CLASSIFICATION OF ACCOUNTING VALUES AND THEIR POSITIONS

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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