Asked by Growing with Hussein on May 12, 2024
Verified
Number the following types of accounts (1-6) as they would appear on the Trial Balance.
________ Assets
________ Capital
________ Revenue
________ Liabilities
________ Withdrawals
________ Expenses
Assets
Resources owned or controlled by a business, expected to bring future economic benefits.
Capital
It refers to financial assets or the financial value of assets, such as funds held in deposit accounts and/or funds obtained from special financing sources.
Trial Balance
A worksheet for accounting purposes that gathers all ledger account balances into credit and debit columns to confirm that a company's financial records are mathematically precise.
- Identify and categorize different types of accounts (assets, liabilities, equity, revenue, expenses, and withdrawals) within a financial accounting system.
Verified Answer
3 Capital
5 Revenue
2 Liabilities
4 Withdrawals
6 Expenses
Learning Objectives
- Identify and categorize different types of accounts (assets, liabilities, equity, revenue, expenses, and withdrawals) within a financial accounting system.
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