E1-3 The Long Run Golf & Country Club details the following accounts in its financial statements.
a) Classify each of the above
accounts as an asset (A), liability (L), stockholders' equity (SE), revenue
(R), or expense (E) item.
b) Classify each of the above
accounts as a financing activity (F), investing activity (I), or operating activitiy
(O). If you believe a particular account doesn't fit in any of these
activities, explain why.
|
|
(a)
|
(b)
|
|
Accounts payable and accrued
liabilities
|
L
|
O
|
|
Accounts receivable
|
A
|
O
|
|
Property, plant, and equipment
|
A
|
I
|
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