question 10 (5 points) identify the type of account for each account. accounts payable revenue/sales 1…

question 10 (5 points) identify the type of account for each account. accounts payable revenue/sales 1. asset supplies 2. liability cash 3. owners equity capital

question 10 (5 points) identify the type of account for each account. accounts payable revenue/sales 1. asset supplies 2. liability cash 3. owners equity capital

Answer

Brief Explanations:

  • Accounts Payable: It represents amounts owed to creditors, so it is a liability.
  • Revenue/Sales: It increases owners' equity through the income - generating process, so it is related to owners' equity.
  • Supplies: They are resources owned by the company with future economic benefits, so they are assets.
  • Cash: It is a liquid asset that the company owns, so it is an asset.
  • Capital: It represents the owner's investment in the business, so it is owners' equity.

Answer:

  • Accounts Payable: 2. Liability
  • Revenue/Sales: 3. Owners Equity
  • Supplies: 1. Asset
  • Cash: 1. Asset
  • Capital: 3. Owners Equity