Below are selected accounts found in the financial statements of Jie Han, Architect. Indicate (a) whether...

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Below are selected accounts found in the financial statements of Jie Han, Architect. Indicate (a) whether...

Below are selected accounts found in the financial statements of Jie Han, Architect.

Indicate (a) whether each of the following items, listed in random order, is an asset, liability, or part of owner's equity; and (b) which financial statement—income statement, statement of owner's equity, or balance sheet—it would be reported on.

	Account	(a)	(b)
1.	Furniture	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
2.	Equipment	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
3.	Rent expense	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
4.	Salaries payable	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
5.	Accounts payable	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
6.	Interest expense	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
7.	J. Han, drawings	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
8.	Salaries expense	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
9.	Cash	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
10.	Rent expense	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
11.	Accounts receivable	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
12.	Supplies	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
13.	Service revenue	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
14.	Advertising expense	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
15.	J. Han, capital (opening balance)	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
16.	Utilities expense	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
17.	Supplies expense	AssetLiabilityOwner's Equity	Income StatementBalance SheetStatement of Owner's Equity
18.	Interest payable	AssetLiabilityOwner's Equity

business accounting

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Answer 1

Answer #1

Classification

	Account	(a)	(b)
1.	Furniture	Assets	Balance sheet
2.	Equipment	Assets	Balance sheet
3.	Rent expense	Owner's equity	Income statement
4.	Salaries payable	Liabilties	Balance sheet
5.	Accounts payable	Liabilties	Balance sheet
6.	Interest expense	Owner's equity	Income statement
7.	J. Han, drawings	Owner's equity	Balance sheet, statement of owner's equity
8.	Salaries expense	Owner's equity	Income statement
9.	Cash	Assets	Balance sheet
10.	Rent expense	Owner's equity	income statement
11.	Accounts receivable	Assets	balance sheet
12.	Supplies	Assets	Balance sheet
13.	Service revenue	owner's equity	Income statement
14.	Advertising expense	owner's equity	income statement
15.	J. Han, capital (opening balance)	Owner's equity	Balance sheet, statement of owner's equity
16.	Utilities expense	Owner's equity	income statement
17.	Supplies expense	owner's equity	income statement
18	Interest payable	Liabilities	Balance sheet

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Answer 2

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