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13 April, 20:45

The Bonita Vista Golf & Country Club details the following accounts in its financial statements. Classify each of the following accounts as an asset, liability, stockholders' equity, revenue, or expense item. Accounts payable Accounts receivable Equipment Sales revenue Service revenue Expense Liability Stockholders' Equity Asset Revenue Inventory Mortgage payable Supplies expense Rent expense Salaries and wages expense

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Answers (2)
  1. 14 April, 00:01
    0
    Accounts payable - Liability

    Accounts receivable - Asset

    Equipment Sales revenue - revenue

    Service revenue - revenue

    Expense - expense

    Liability - Liability

    Stockholders' Equity - stockholders' equity

    Asset - Asset

    Revenue - revenue

    Inventory - Asset

    Mortgage payable - Liability

    Supplies expense - expense

    Rent expense - expense

    Salaries and wages expense - expense

    Explanation:

    Assets are resources controlled by an entity as a result of a past event, for which future economic resources will flow to the entity.

    Liabilities are present obligations of an entity as a result of a past event, the fulfillment of which would result in the outflow of resources.

    Expenses and revenue refer to the cost and income of an entity for services enjoyed and rendered respectively.
  2. 14 April, 00:19
    0
    Based on the information provided within the question it can be said that each of the terms would be classified as the following,

    Accounts payable: Liability

    Accounts receivable: Asset

    Equipment: Asset

    Sales Revenue: Revenue

    Service Revenue: Revenue

    Inventory: Asset

    Mortgage payable: Liability

    Supplies expense: Expense

    Rent expense: Expense

    Salaries and wages: Expense
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