Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item....

Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.
The Bonita Vista Golf & Country Club details the following accounts in its financial statements.

Expert Solution

Asset is an asset is any resource owned by a business or an economic entity.

Liability is a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events.

Stockholders’ equity is the remaining amount of assets available to shareholders after all liabilities have been paid.

Revenue is revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers.

Expense is an outflow of money, or any form of fortune in general, to another person or group to pay for an item or service, or for a category of costs.

Account	Classification
Accounts Payable	Liability
Accounts Receivable	Asset
Equipment	Asset
Sales Revenue	Revenue
Service Revenue	Revenue
Inventory	Asset
Mortgage Payable	Liability
Supplies Expense	Expense
Rent Expense	Expense
Salaries and Wages Expense	Expense

ekkarill92 answered 1 year ago

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