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RideAnS [48]
3 years ago
12

Classify each item as an asset, liability, common stock, revenue, or expense.

Business
1 answer:
kari74 [83]3 years ago
6 0

Answer: The answer is as follows:

Explanation:

Each item is classified as follows:

(a) Issuance of ownership shares - Common Stock

(b) Land purchased - Assets

(c) Amounts owed to suppliers - Liabilities (Accounts Payable)

(d) Bonds payable - Liabilities

(e) Amount earned from selling a product - Revenue

(f) Cost of advertising - Expense

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The following are the account balances in the ledger of Metcaffe Manufacturing Company compiled at the end of fiscal-year 6/31/2
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