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

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