Distinguishing Among Types of Accounts Bonner Systems uses the following accounts when preparing its financial reports.
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Type of Account |
Financial Statement |
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Asset |
Liability |
Equity |
Revenue |
Expense |
Income |
Balance |
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1. Wages Payable |
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2. Accounts Receivable |
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3. Retained Earnings |
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4. Buildings |
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5. Supplies Used |
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6. Inventory |
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7. Sales (for cash) |
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8. Accumulated Depreciation |
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9. Loan from Bank |
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10. Land |
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11. Owners’ Investment |
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12. Supplies |
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13. Sales (on credit) |
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14. Bonds Payable |
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15. Unearned Revenue |
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16. Wages Earned by Employees |
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17. Utilities Consumed |
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Required
A. Place a mark in the appropriate column to indicate the type of account.
B. Place a mark in the appropriate column to indicate on which financial statement that account is reported.