Unit 5
Accounting and Finance Foundations Unit 5: Accounting Terminology 321
Accounting Terminology
Chapter 13
Student Assignment
Lesson 13.2 Classifying Assets, Liabilities,
and Owner’s Equity
Instructions:
Classify each item listed below as an asset, liability, owner’s equity, revenue, or expense by placing a check
mark in the Assets, Liabilities, Owner’s Equity, Revenue, or Expense column.
Asset Liability Owner’s
Equity
Revenue Expense Drawing
- Cash
- Steve McNight,
Capital - Prepaid Insurance
- Sales
- Rent Expense
- Supplies
- Accounts Payable
- Anything owned
- Owner’s capital
account - Any amount owed
- Advertising
Expense - Accounts
Receivable - Owner’s Drawing
Account