T2-Solutions to Additional Q-ns.docVIP

SOLUTIONS Accounting in Action Tutorial 2 - Classwork Question 1 Classify the following as Asset, Liability, Owner’s Equity, Income or Expense $150,000 loan owed to the local bank ______ (Non current) Liability__________ Vehicle of a business used for deliveries ________(Non current)Asset__________ Fuel used in making business deliveries _________Expense_________ Furniture in the office __________(Non current) Asset_____________ Sales of $500 to customers __________Revenue/Income___________ Money owed to a supplier _________(Current) Liability____________ Owner contributes extr