The Long 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.