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


Long-term debt

Office and general expense

Professional fees expense

Wages and benefits expense


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.