156. Classified balance sheets commonly include the following categories. Indicate the typical classification of each item listed below by placing the correct balance sheet category in the blank space next to the item. 1. Prepaid insurance Plant assets 2. Common stock Equity 3. Buildings used in business operations Investments 4. Wages payable Long-term liabilities 5. Accounts payable Current assets 6. Retained earnings Equity 7. Current portion of long-term debt Current liabilities 8. Land held for future plant expansion Current liabilities 9. Cash Intangible assets 10. Long-term note payable Current liabilities 11. Accounts receivable Current assets 12. Patents Current assets 157. Match the following types of accounts with each of the following transactions. 1. Used to record revenue earned but not received. Accrued expense 2. Used to record wages owed, but not paid. Accrued revenue 3. Used to record expiration of prepaid insurance. Prepaid expense 4. Used to record revenue received in advance. Unearned revenue

156. Classified balance sheets commonly include the following categories. Indicate the typical classification of each item listed below by placing the correct balance sheet category in the blank...

156. Classified balance sheets commonly include the following categories.

Indicate the typical classification of each item listed below by placing the correct balance sheet category in the blank space next to the item.

1. Prepaid insurance	Plant assets
2. Common stock	Equity
3. Buildings used in business operations	Investments
4. Wages payable	Long-term liabilities
5. Accounts payable	Current assets
6. Retained earnings	Equity
7. Current portion of long-term debt	Current liabilities
8. Land held for future plant expansion	Current liabilities
9. Cash	Intangible assets
10. Long-term note payable	Current liabilities
11. Accounts receivable	Current assets
12. Patents	Current assets

157. Match the following types of accounts with each of the following transactions.

1. Used to record revenue earned but not received.	Accrued expense
2. Used to record wages owed, but not paid.	Accrued revenue
3. Used to record expiration of prepaid insurance.	Prepaid expense
4. Used to record revenue received in advance.	Unearned revenue

May 15, 2022