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Question 1

Classify each of the following accounts (asset, current asset, etc.) taken from Faust Company's

balance sheet.


Accounts payable

Accounts receivable

Cash

L. Dawn, capital

Patents

Salaries payable

Merchandise inventory

Short-term investments (to be sold in 7 months)

Accumulated depreciation—equipment

Buildings

Land (in use)

Notes payable (due in 2 years)

Supplies

Equipment

Prepaid expenses

Top Answer

The following will be the classifications : Accounts payable : Current Liabilities Accounts receivable : Current Assets Cash... View the full answer

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