It is very important to know not only the account names but also the classificat

It is very important to know not only the account names but also the classification of each account. In the beginning, this can feel like learning a foreign language. This assignment will help you learn the account names and classifications and feel more secure moving forward. You will enter each common account name under the classification of asset, liability, owner capital, revenue, expense, or owner withdrawal. You are encouraged to go back to intellipath or your book. Examples of assets, liabilities, and capital can be found on the balance sheet. Examples of revenues and expenses can be found on an income statement.
Review each account name, and type the name in the block under Assets, Liabilities, Owners’ Capital, Revenues, Expenses, or Owners’ Withdrawal. Use this template.
Cell D4 is an example.
Accounts to be classified:
Service revenue
Wages payable
Salaries expense
Accounts payable
Connie Johnson, Capital
Rent expense
Accounts receivable
Wages expense
Prepaid insurance
Telephone expense
Unearned revenue
Service revenue
Insurance expense
Office supplies
Notes payable

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