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