The Mill Run Golf & Country Club details the following accounts in its financial statements.
(a) (b)
Accounts payable and accrued liabilities
Accounts receivable
Property, plant, and equipment
Food and beverage operations revenue
Golf course operations revenue
Inventory
Long-term debt
Office and general expense
Professional fees expense
Wages and benefits expense
Instructions
a) Classify each of the above accounts as an asset (A), liability (L), stockholders’ equity (SE), revenue (R), or expense (E) item.
b) Classify each of the above accounts as a financing activity (F), investing activity (I), or operating activity (O). If you believe a particular account doesn’t fit in any of these activities, explain why.