Question

Identify each account listed as an Asset, a Contra-Asset, a Liability, an Equity, a Revenue, or an Expense.

Accounts Payable
Accounts Receivable
Accumulated Depreciation, Equipment
Allowance for Doubtful Accounts
Cash and Cash Equivalents
Common Stock, no-par
Cost of Goods Sold
Depreciation Expense
Dividends
Equipment
Income Tax Expense
Insurance Expense
Inventories
Land
Notes Payable
Other Operating Expense
Prepaid Insurance
Retained Earnings
Salary Expense
Salary Payable
Sales Revenue
Unearned Revenue

Answer 1

Accounts Payable - Liability
Accounts Receivable - Asset
Accumulated Depreciation, Equipment- Contra-Asset
Allowance for Doubtful Accounts- Contra-Asset
Cash and Cash Equivalents- Asset
Common Stock, no-par- Equity
Cost of Goods Sold- Expense
Depreciation Expense- Expense
Dividends- Equity
Equipment - Asset
Income Tax Expense - Expense
Insurance Expense - Expense
Inventories - Asset
Land - Assets
Notes Payable - Liability
Other Operating Expense - Expense
Prepaid Insurance - Asset
Retained Earnings - Equity
Salary Expense - Expense
Salary Payable - Liability
Sales Revenue - Revenue
Unearned Revenue - Liability