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30 July, 03:30

Which of the following items are liabilities of Siebers Jewelry Stores? Indicate by Yes/No.

(a) Cash.

(b) Accounts payable.

(c) Owner's drawings.

(d) Accounts receivable.

(e) Supplies.

(f) Equipment.

(g) Salaries and wages payable.

(h) Service revenue.

(i) Rent expense.

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Answers (2)
  1. 30 July, 04:14
    0
    (a) Cash - NO

    (b) Accounts payable - YES

    (c) Owner's drawings - NO

    (d) Accounts receivable - NO

    (e) Supplies - NO

    (f) Equipment - NO

    (g) Salaries and wages payable - YES

    (h) Service revenue - NO

    (i) Rent expense - NO

    Explanation:

    There are 5 basic categories for accounts:

    Asset: Something a business has or owns. This includes Cash

    Office Supplies or other prepaid expenses

    Accounts receivable

    Inventory

    Equipment

    Building

    Land

    Liability: Something we owe to a non-owner. Some of the examples are; Accounts Payable

    Sales Tax Payable

    Wages Payable

    Payroll Taxes Payable

    Unearned Revenue

    Mortgage Payable

    Notes Payable

    Equity: Something we owe to the owners or the value of the investment to the owner

    Revenue: Value of the goods we have sold or the services we have performed e. g. Service Revenue

    Sales Revenue

    Interest Revenue

    Expenses: Costs of doing business for example; Cost of Goods Sold

    Utilities Expense

    Wages Expense

    Rent Expense

    Supplies Expense

    Insurance Expense

    Advertising Expense

    Bank Fees Expense
  2. 30 July, 04:22
    0
    Accounts Payable - Yes

    Salaries and wages payable - Yes

    Explanation:

    Accounts Payable is the money which the business owes its suppliers. It is a liability.

    Salaries and wages refers to the debts of the business to its employees. It is also a liability.
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