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