Match each account or description on the left with the appropriate classification on the right. v Discount on bonds payable A. Expense v Common stock B. Owners' equity v Prepaid insurance C. Contra-liability v Retained earnings D. Asset v Income taxes owed but not yet paid E. Liability v Cost of goods sold v Prepaid insurance that is used up during a period v Amounts deposited in a checking account v Inventory v Bonds payable

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Match each account or description on the left with the appropriate classification on the right.
v Discount on bonds payable
A. Expense
v Common stock
B. Owners' equity
v Prepaid insurance
C. Contra-liability
v Retained earnings
D. Asset
v Income taxes owed but not yet paid
E. Liability
v Cost of goods sold
v Prepaid insurance that is used up during a period
v Amounts deposited in a checking account
v Inventory
v Bonds payable
arch
Transcribed Image Text:Match each account or description on the left with the appropriate classification on the right. v Discount on bonds payable A. Expense v Common stock B. Owners' equity v Prepaid insurance C. Contra-liability v Retained earnings D. Asset v Income taxes owed but not yet paid E. Liability v Cost of goods sold v Prepaid insurance that is used up during a period v Amounts deposited in a checking account v Inventory v Bonds payable arch
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