Question

The Bonita Vista Golf & Country Club details the following accounts in its financial statements. Classify each of the following accounts as an asset, liability, stockholders' equity, revenue, or expense item. Accounts payable Accounts receivable Equipment Sales revenue Service revenue Expense Liability Stockholders' Equity Asset Revenue Inventory Mortgage payable Supplies expense Rent expense Salaries and wages expense

Answer 1

Answer:

Accounts payable - Liability

Accounts receivable - Asset

Equipment Sales revenue - revenue

Service revenue - revenue

Expense - expense

Liability  - Liability

Stockholders' Equity - stockholders' equity

Asset - Asset

Revenue - revenue

Inventory - Asset

Mortgage payable  - Liability

Supplies expense - expense

Rent expense - expense

Salaries and wages expense - expense

Explanation:

Assets are resources controlled by an entity as a result of a past event, for which future economic resources will flow to the entity.

Liabilities are present obligations of an entity as a result of a past event, the fulfillment of which would result in the outflow of resources.

Expenses and revenue refer to the cost and income of an entity for services enjoyed and rendered respectively.

Answer 2

The term accountancy is all about assets, liability, equity, revenue and expenses. These terms helps us understand accountancy clearly.

Assets

Assets are the capital nature resources of an entity which can cater the benefits for the entity over a period of time. Some examples of assets are inventory, accounts receivable etc.

Liabilities

Liabilities are the obligations on the part of an entity which it will have to perform via paying them off. Some examples of liabilities includes accounts payable, mortgage payable etc.

Revenue

Revenue is that part of income which is generated in return by employing land, labor, and capital. Some examples of revenue includes equipment sales revenue, service revenue etc.

Expenses

Expenses are the cost incurred while converting raw material into final goods or services. Some examples of expenses are salary and wages, rent supplies etc.

Shareholder's equity

Shareholders equity is nothing but the difference of assets over liabilities. Its example is shareholder's equity.

Therefore these are the classifications of the given accounts in the heads assets, liability, revenue, expenses and shareholder's equity.

Learn more about Accounts here:

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