Account Classification
Comprehensive Questions with
Verified Answers Graded A+
Cash - Answer: Current Asset
Interest Expense - Answer: Expense
Sales Returns - Answer: Contra-Revenue
Wages Payable - Answer: Current Liability
Taxes Payable - Answer: Current Liability
Marketable Securities - Answer: Current Asset
Mortgage Payable (specific form of notes payable that have collateral associated with them) -
Answer: Long Term Liability
Common Stock Paid in Capital - Answer: Equity
, Rent Expense - Answer: Expense
Deferred (Unearned) Revenues - Answer: Current Liability
Interest Payable - Answer: Current Liability
Discounts on Bonds Payable - Answer: Contra-Liability (Long Term)
Common Stock at Par Value - Answer: Equity
Prepaid Expenses - Answer: Current Asset
Allowance for Doubtful Accounts - Answer: Contra-Asset (Current)
Retained Earnings - Answer: Equity
Land - Answer: Long Term Asset
Bonds Payable - Answer: Long Term Liability
Treasury Stock - Answer: Contra-Equity
Sales - Answer: Revenue
Premium on Bonds Payable - Answer: Long Term Liability