Classify each of the items below according to the section of a ...

[mp14]

Classify each of the items below according to the section of a firm's financial statements where it would be reported. Some sections may be used more than once. Others may not be used at all.
 
  a. Current asset c. Current liability f. Revenue
  b. Long-term asset d. Long-term liability g. Expense
   e. Shareholders' equity
 
  _____ 1. Common stock _____ 6. Accounts payable
  _____ 2. Notes payable (due in 2 years) _____ 7. Land
  _____ 3. Prepaid insurance (2 months remaining) _____ 8. Inventory
  _____ 4. Sales _____ 9. Service fees earned
  _____ 5. Cost of goods sold _____10. Accounts receivable

Question 2

Checks deposited by the depositor that are not paid because the drawer did not have sufficient funds are called ___________________ _.
 Fill in the blank(s) with correct word

[jennafosdick]

Answer to Question 1

e, d, a, f, g, c, b, a, f, a

Answer to Question 2

not sufficient fund checks
NSF checks