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

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