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    Classifying Balance Sheet Accounts

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    The Following accounts appear on the worksheet of Odds and Ends Craft Store. Indicate the section of the classified balance sheet in which each account will be reported.

    Sections of Classified Balance Sheet
    a. Current Assets
    b. Plant and Equipment
    c. Current Liabilities
    d. Long-Term Liabilities
    e. Owner's Equity

    1. Rent Payable
    2. Cash
    3. Raja Julia, Capital
    4. Merchandise Inventory
    5. Accounts Payable
    6. Store Supplies
    7. SalesTax Payable
    8. Prepaid Insurance
    9. Delivery Van
    10. Acconts Receivable

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    Solution Preview


    1. Rent Payable - current liabilities assuming it is due within one year
    2. Cash - current assets
    3. Raja Julia, Capital - ...

    Solution Summary

    For the 10 accounts listed, the solution matches them to the section of the balance sheet in which they would appear. Each response is followed by an explanation or clarification, if needed.