Activity 1

A Company’s obligations – amounts that a company owes

• Liabilities

• Assets

• Owners Equity

Classify the following account:

Loans

• current assets (C.A)

• current liabilities

  (C.L)

• long term liabilities

  (LTL)

• owner's equity

  (O.E)

Classify the following account:

Account Payable

• current assets (C.A)

• current liabilities

  (C.L)

• long term liabilities

  (LTL)

• owner's equity

  (O.E)

Classify the following account:

Supplies Expenses

• current assets (C.A)

• current liabilities

  (C.L)

• long term liabilities

  (LTL)

• owner's equity

  (O.E)

Classify the following account:

Rent received

• current assets (C.A)

• current liabilities

  (C.L)

• long term liabilities

  (LTL)

• owner's equity

  (O.E)

Classify the following account:

Unread Services Revenue

• current assets (C.A)

• current liabilities

  (C.L)

• long term liabilities

  (LTL)

• owner's equity

  (O.E)

Classify the following account:

Furniture

• Plant(fixed) Assets

  (F.A)

• current liabilities

  (C.L)

• long term liabilities

  (LTL)

• owner's equity

  (O.E)