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Triguero's_Classification

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Question;The following items;appeared in the accounting records of Triguero's, a retail music store that;also sponsors concerts. Classify each of the items as an asset, liability;revenue, or expense from the company's viewpoint. Also indicate the normal;account balance of each item.;a. Amounts paid to a mall for rent.;b. Amounts to be paid in 10 days to suppliers.;c. A new fax machine purchased for office use.;d. Land held as an investment.;e. Amounts due from customers.;f. Daily sales of merchandise sold.;g. Promotional costs to publicize a concert.;h. A long-term loan owed to Citizens Bank.;i. The albums, tapes, and CDs held for sale to;customers.

 

Paper#44601 | Written in 18-Jul-2015

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