Answer:
Item Classification
1. Buildings - Property, plant, and equipment
2. Copyright - Intangible assets
3. Supplies - Current assets
4. Unearned service revenue - Current liabilities
5. Prepaid insurance - Current assets
6. Common stock - Contributed capital
7. Rent payable - Current liabilities
8. Accounts receivable - Current assets
9. Allowance for doubtful accounts - Retained earnings
10. Bonds payable - Long-term liabilities
Explanation:
A. Current assets - Assets that exist for a period not exceeding 12 months such as supplies.
B. Property, plant, and equipment - Assets of a Physical Nature that are expected to be used for more than a year.
C. Intangible assets - Assets that do not have a physical nature and are expected to be used for more than a year.
D. Current liabilities - Short term obligation due within a period of 12 months.
E. Long-term liabilities - Long term obligations due within a period exceeding 12 months.
F. Contributed capital - Capital raised by owners of the company excluding reserves attributed to them.
G. Retained earnings - Amounts set aside out of profits that are distributable to the shareholders of the company. Therefore Incomes and expenses are found here.
