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

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