M1 Balance Sheet Accounts Flashcards
1
Q
Prepaid Insurance
A
Current Asset
2
Q
Allowance for doubtful accounts
A
Contra-asset
3
Q
Notes payable
A
- If due within a year, then current liabilities
- if due greater than a year from now the long-term liabilities
4
Q
Additional paid-in capital
A
Stockholders’ equity
5
Q
Treasury stock
A
Contra-equity
6
Q
Discount on bonds payable
A
Contra-liability
7
Q
Inventory
A
Current Asset
