1) Shop fittings a) Asset b) Liability c) Equity d) Income e) Expense 2) Wages a) Asset b) Liability c) Equity d) Income e) Expense 3) Internet charges a) Asset b) Liability c) Equity d) Income e) Expense 4) Petty cash a) Asset b) Liability c) Equity d) Income e) Expense 5) Advertising a) Asset b) Liability c) Equity d) Income e) Expense 6) Building a) Asset b) Liability c) Equity d) Income e) Expense 7) Purchase of goods a) Asset b) Liability c) Equity d) Income e) Expense 8) Mortgage a) Asset b) Liability c) Equity d) Income e) Expense 9) Accounts receivable a) Asset b) Liability c) Equity d) Income e) Expense 10) Rates paid a) Asset b) Liability c) Equity d) Income e) Expense 11) Drawings a) Asset b) Liability c) Equity d) Income e) Expense 12) Inventory a) Asset b) Liability c) Equity d) Income e) Expense 13) Sales a) Asset b) Liability c) Equity d) Income e) Expense 14) Accountancy Fees a) Asset b) Liability c) Equity d) Income e) Expense 15) Insurance a) Asset b) Liability c) Equity d) Income e) Expense 16) Accounts payable a) Asset b) Liability c) Equity d) Income e) Expense 17) Van a) Asset b) Liability c) Equity d) Income e) Expense 18) Capital a) Asset b) Liability c) Equity d) Income e) Expense

Classification of Assets Liabilities Equity Income or Expense

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