Question Details

 Amount due to creditor for merchandise purchased



1.	Use the following descriptive phrases to determine the account name that would be used for each. In addition, classify the account as an asset (A) , liability (L), owner's equity (OE), revenue (R), or expense (E).

a. Amount due to creditor for merchandise purchased
b. Coins and currency
c. Property to be used in the business
d. An amount taken from the business by the owner. 
e. Income recorded for performance of legal services
f. Amount due to bank for loan to purchase building
g. Stationery, pencils, etc., purchased but not yet used
h. Stationery, pencils, etc., that have been consumed (used) 
i. An insurance premium paid covering the next two years
j. Representation of owner investments in a business




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