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Identifying Assets, Liabilities, and Owner%27s Equity

Author: Zimmer Jim
Description: Match the corresponding Account Classifications with their corresponding accounts.
Keywords: , , , , , , online teaching

Content:
Definitions:
0. Taxes
1. Drawing
2. Rent Paid
3. Capital
4. Equipment
5. Cash
6. Payroll Tax
7. Salaries
8. Supplies
9. Utilities
10. Rent Earned
11. Merchandise Inventory
12. Prepaid Insurance
13. Accounts Receivable
14. Sales
15. Accounts Payable

Answers:
0. Revenue Day to day acitivies and merchandise generate this.
1. Liability Accounts paid later
2. Owner%27s Equity The Owner%27s Account
3. Asset Items that help run the business but get used up.
4. Asset Actual Products sold by a company
5. Expense Government Collected in relatiion to salaries.
6. Asset Money received later
7. Asset Used to cover any accidents or damage.
8. Expense Electricity, Phone Bill, Cable, Water, etc..
9. Liability Government Owed, April 15th
10. Owner%27s Equity Money taken from the business by the owner
11. Asset Same as a Check
12. Expense The money paid to workers
13. Expense Paying for a building location
14. Revenue When you charge someone else to use your assets
15. Asset Large Machines used to run the business
.