The following accounts appear in an adjusted trial balance of Hampshire Consulting.
Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c) current liability; (d) long-term liability; or (e) owner’s equity section of the December 31, 2013, balance sheet of Hampshire Consulting.
1. Building
2. Jessica Kountz, Capital
3. Notes Payable (due in 2020)
4. Prepaid Rent
5. Salaries Payable
6. Supplies
7. Taxes Payable
8. Unearned Service Fees
Answer:
1. Property, plant, and equipment
2. Owner’s equity
3. Long-term liability
4. Current asset
5. Current liability
6. Current asset
7. Current liability
8. Current liability