Question

Current asset accounts: • Cash – this is a current asset, which includes cash in bills, coins, bank balances and checks.

• Accounts receivable – Amounts owed from another company for services or products they sold on credit.

Current liability accounts:

• Accounts payable – Amounts owed to another company for services or products purchased on credit.

• Rent payable – Money that is owed to a landlord.

Expense accounts

• Payroll taxes expense – taxes owed to the state for payroll taxes such as Unemployment Insurance, Disability Insurance, Employment Training Tax & Personal Income Tax

. • Advertising expense – Expense made to promote the company’s product or services they sell.

Respond your thoughts about the above sentences.

Answer 1

you have done a great job towards the above answer.

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