Chapter 1: An introduction to accounting
73. For the items listed below, fill in the appropriate code letter to indicate whether the item is an asset, liability, or equity item. Code A L E
Asset Liability Equity _____
1. Rent Expense
_____
6. Cash
_____
2. Office Equipment
_____
7. Accounts Receivable
_____
3. Accounts Payable
_____
8. Retained earnings
_____
4. Share capital
_____
9. Service Revenue
_____
5. Insurance Expense
_____ 10. Loan Payable
Answer below. Learning objective 1.6 – Identify the elements of each of the four main financial statements. 1. 2. 3. 4. 5.
E A L E E
6. 7. 8. 9. 10.
A A E E L
Š John Wiley & Sons Australia, Ltd 2016
1.37