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Classify the following accounts either as an "asset", "liability" or "equity": - Owner's capital - Unearned revenue - Buildings - Medical Equipment - Cash - Medical Supplies - Accounts Payable - Owner's withdrawals - Prepaid Accounts - Accounts receivable - Accrued Liabilities - Inventory - Revenues - Short-term notes payable - Expenses
Classify the following accounts either as an "asset", "liability" or "equity":
- Owner's capital
- Unearned revenue
- Buildings
- Medical Equipment
- Cash
- Medical Supplies
- Accounts Payable
- Owner's withdrawals
- Prepaid Accounts
- Accounts receivable
- Accrued Liabilities
- Inventory
- Revenues
- Short-term notes payable
- Expenses
Expert Solution
| Items | Classification |
|---|---|
| - Owner's capital | Equity |
| - Unearned revenue | Liability |
| - Buildings | Asset |
| - Medical Equipment | Asset |
| - Cash | Asset |
| - Medical Supplies | Asset |
| - Accounts Payable | Liability |
| - Owner's withdrawals | Equity |
| - Prepaid Accounts | Asset |
| - Accounts receivable | Asset |
| - Accrued Liabilities | Liability |
| - Inventory | Asset |
| - Revenues | Equity |
| - Short-term notes payable | Liability |
| - Expenses | Equity |
Assets are items owned by the company such as buildings, equipment, cash, supplies, receivables and inventory. Liabilities are debt and obligation such as unearned revenue, accounts payable, accrued liabilities and notes payable. Equity consists of capital accounts, withdrawals, and retained earnings consisting of revenues and expenses.
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