Question

Classify each of the accounts from Stance Company as Asset (A), Liability (L), Stockholders Equity (SE),...

Classify each of the accounts from Stance Company as Asset (A), Liability (L), Stockholders Equity (SE), Revenue (R), Expense (E), or Dividend (D) and also indicate the typical balance in the account as Debit (D) or Credit (C)  

Prepaid Rent

Depreciation

Investment

Accrued Expense

Sales

Common Stock

Note Payable

Accumulated Depreciation

Cost of Goods Sold

Unearned Revenue

Accounts Receivable

Dividends

Utilities

Paid in Capital

Retained Earnings

Business   Accounting   
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Answer #1
Prepaid Rent Asset Debit
Depricaiton Expense Debit
Investment Asset Debit
Accrued expense Liability Credit
Sales Revenue Credit
Common sale Stockholder's equity Credit
Note payable Liability Credit
Accumulated depriciation Asset Credit
Cost of goods sold Expense Debit
Unearned revenue Liability Credit
Accounts receivable Asset Debit
Dividends DIVIDEND Debit
Utilties Asset Debit
Paid in capital Stockholder's equity Credit
Retained earnings Stockholder's equity Credit

Asset is a resource controlled by entity form economic benefits are to be derived from future

Liability are possible future outflows arising from present obligation of an entity

exoenses are money spend by an entiy fo running of business and generating revenues

revenues are the amoutns whhich the company accumulates due to its operations

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