Home / Questions / For each transaction, indicate whether a company would classify the related account
For each transaction, indicate whether a company would classify the related account as an asset, liability, stockholders’ equity, dividend, revenue, or expense.
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Transactions |
Related Accounts |
|
1. Receive cash from investors. |
Common Stock |
|
2. Pay rent for the current period. |
Rent Expense |
|
3. Purchase office equipment. |
Supplies |
|
4. Pay cash to stockholders. |
Dividends |
|
5. Provide services to customers. |
Service Revenue |
153. Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses. Indicate the account classification for each account name.
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|
Account Classifications |
Accounts |
Related Transactions |
|
1. |
|
Common Stock |
Sell common stock to investors. |
|
2. |
|
Cash |
Receive cash from customers. |
|
3. |
|
Salaries Payable |
Incur amounts owed to employees. |
|
4. |
|
Service Revenue |
Sell services to customers. |
|
5. |
|
Utilities Expense |
Incur cost of utilities. |
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6. |
|
Supplies |
Purchase of office supplies. |
|
7. |
|
Advertising Expense |
Pay for cost of advertising. |
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8. |
|
Buildings |
Purchase factory for operations. |
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9. |
|
Accounts Payable |
Purchase supplies on credit. |
|
10. |
|
Dividends |
Distribute cash to stockholders. |
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