Chapter 1, Problem 1.5BE

For each transaction, indicate whether each account would be classified in the balance sheet as (a) an asset, (b) a liability, or (c) stockholders’ equity; in the income statement as (d) a revenue or (c) an expense; or in the statement of stockholders’ equity as (f) a dividend.

Assign account classifications (LO1–2)

Account Classifications	Accounts	Related Transactions
1. _____	Rent expense	Cost of rent.
2. _____	Interest revenue	Interest earned on savings account.
3. _____	Dividends	Cash payments to stockholders.
4. _____	Land	Land used for operations.
5. _____	Accounts payable	Amounts owed to suppliers.