Problems 152. For each transaction, indicate whether a company would classify the related account as an asset, liability, stockholders’ equity, dividend, revenue, or expense. Transactions...

Problems

152. For each transaction, indicate whether a company would classify the related account as an asset, liability, stockholders’ equity, dividend, revenue, or expense.

Transactions	Related Accounts
1. Receive cash from investors.	Common Stock
2. Pay rent for the current period.	Rent Expense
3. Purchase office equipment.	Supplies
4. Pay cash to stockholders.	Dividends
5. Provide services to customers.	Service Revenue

153. Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses. Indicate the account classification for each account name.

	Account Classifications	Accounts	Related Transactions
1.		Common Stock	Sell common stock to investors.
2.		Cash	Receive cash from customers.
3.		Salaries Payable	Incur amounts owed to employees.
4.		Service Revenue	Sell services to customers.
5.		Utilities Expense	Incur cost of utilities.
6.		Supplies	Purchase of office supplies.
7.		Advertising Expense	Pay for cost of advertising.
8.		Buildings	Purchase factory for operations.
9.		Accounts Payable	Purchase supplies on credit.
10.		Dividends	Distribute cash to stockholders.

May 15, 2022

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Problems 152. For each transaction, indicate whether a company would classify the related account as an asset, liability, stockholders’ equity, dividend, revenue, or expense. Transactions...

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