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

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