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