Professional Documents
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1. For each of the following, write I if it is 1. For each of the following, write I if it is 1. For each of the following, write I if it is
an income statement item and B if it is a an income statement item and B if it is a an income statement item and B if it is a
balance sheet item balance sheet item balance sheet item
1 Interest expense 1 Interest expense 1 Interest expense
2 Interest Receivable 2 Interest Receivable 2 Interest Receivable
3 Mortgage Payable 3 Mortgage Payable 3 Mortgage Payable
4 Interest Income 4 Interest Income 4 Interest Income
5 Miscellaneous Expense 5 Miscellaneous Expense 5 Miscellaneous Expense
6 Drawing account 6 Drawing account 6 Drawing account
7 Supplies Expense 7 Supplies Expense 7 Supplies Expense
8 Supplies Expense 8 Supplies Expense 8 Supplies Expense
9 Equipment 9 Equipment 9 Equipment
10 Building 10 Building 10 Building
11 Salaries Expense 11 Salaries Expense 11 Salaries Expense
12 Accounts Payable 12 Accounts Payable 12 Accounts Payable
13 Prepaid Rent 13 Prepaid Rent 13 Prepaid Rent
14 Insurance Expense 14 Insurance Expense 14 Insurance Expense
15 Cash 15 Cash 15 Cash
Exercise 2: Below are the classifications Exercise 2: Below are the classifications Exercise 2: Below are the classifications
commonly found on a classified balance commonly found on a classified balance commonly found on a classified balance
sheet. On the blank provided before each sheet. On the blank provided before each sheet. On the blank provided before each
number, write the classification to where number, write the classification to where number, write the classification to where
it belongs. it belongs. it belongs.
A- Current Assets A- Current Assets A- Current Assets
B- Non-current Asset B- Non-current Asset B- Non-current Asset
C- Current Liabilities C- Current Liabilities C- Current Liabilities
D- Non-current Liabilities D- Non-current Liabilities D- Non-current Liabilities
E. Owner’s Equity E. Owner’s Equity E. Owner’s Equity
F- Not a Balance Sheet Item F- Not a Balance Sheet Item F- Not a Balance Sheet Item