Identifying Assets, Liabilities, and Owner%27s EquityAuthor: Zimmer Jim
Description: Match the corresponding Account Classifications with their corresponding accounts.
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2. Rent Paid
6. Payroll Tax
10. Rent Earned
11. Merchandise Inventory
12. Prepaid Insurance
13. Accounts Receivable
15. Accounts Payable
Day to day acitivies and merchandise generate this.
Accounts paid later
2. Owner%27s Equity
The Owner%27s Account
Items that help run the business but get used up.
Actual Products sold by a company
Government Collected in relatiion to salaries.
Money received later
Used to cover any accidents or damage.
Electricity, Phone Bill, Cable, Water, etc..
Government Owed, April 15th
10. Owner%27s Equity
Money taken from the business by the owner
Same as a Check
The money paid to workers
Paying for a building location
When you charge someone else to use your assets
Large Machines used to run the business