Solved

Match the Letter Corresponding to One of the Basic Elements

Question 59

Matching

Match the letter corresponding to one of the basic elements of accounting to each of the accounts below.

Premises:
P. Coyote, Drawing
Prepaid Rent
Supplies
Advertising Expense
Cash
Utility Expense
P. Coyote, Capital
Accounts Payable
Wages Expense
Fees Earned
Responses:
E = Expense
OE = Owner's Equity
L = Liability
R = Revenue
A = Asset

Correct Answer:

P. Coyote, Drawing
Prepaid Rent
Supplies
Advertising Expense
Cash
Utility Expense
P. Coyote, Capital
Accounts Payable
Wages Expense
Fees Earned
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