Identify Each of the Following Accounts as a Revenue (R),expense

question 23

Short Answer

Identify each of the following accounts as a revenue (R),expense (E),asset (A),liability (L),or equity (OE)by placing initials (R,E,A,L or OE)in the blanks.
____ 1.Salary Expense
____ 2.Cash
____ 3.Equipment
____ 4.Owner,Capital
____ 5.Fees Revenue
____ 6.Accounts Receivable
____ 7.Accounts Payable
____ 8.Owner,Withdrawals
____ 9.Supplies
____ 10.Unearned Fee Revenue
____ 11.Prepaid Insurance
____ 12.Office Furniture

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Definitions:

Shortage

A situation where the demand for a product or service exceeds its supply in a market.

Binding Price Floor

A government-imposed price control or limit that sets a minimum price for a good or service, above the equilibrium price, causing a surplus in the market.

Quantity Supplied

The amount of a good or service that producers are willing to sell at a given price over a certain period of time.

Quantity Demanded

The overall volume of a good or service that customers are ready and financially able to acquire at a certain price point.